By Sheila Nu Nu Htay
A complete advisor to present matters and practices in governance for Takaful and re-Takaful operations
As the worldwide call for for Islamic coverage items raises, a radical figuring out of Takaful rules is key for accountants, auditors, and leaders of businesses delivering those items. This e-book covers the fundamental accounting rules and practices of Takaful operations, together with the segregation of resources, liabilities, source of revenue, and bills among the Takaful operator and members; the surroundings apart of money reserves for assembly striking claims and destiny claims; and the administration of profit and expenditure. that includes large case stories from real-world events, this publication is the suitable primer for accounting scholars and practitioners surprising with Islamic finance and Takaful operations.
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Extra info for Accounting, Auditing and Governance for Takaful Operations
Section 2 of the Takaful Act of Malaysia 1984 defines it as: A scheme based on brotherhood, solidarity, and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for that purpose. Item 2 of Shariah Standard No. 26, AAOIFI 2008 defines it as: A process of agreement among a group of persons to handle the injuries resulting from specific risks to which all of them are vulnerable involves payment of contributions as donations and leads to the establishment of an insurance fund that enjoys the status of a legal entity and has independent financial stability.
It commenced operation in 1985. The year before, Malaysia gazetted its Takaful Act 1984. Several takaful operators emerged in the early 1990s providing a healthy competition and cooperation among players in this industry. In the early 2000s, the Financial Sector Master Plan (FSMP) was implemented to enhance the capacity of takaful operators in Malaysia as well as to strengthen the legal, Shariah, and regulatory framework to ensure sustainability of the takaful industry. As of 2011 there are 10 licensed takaful operators in Malaysia: 1.
Then the Prophet (SAWS) dispatched a battalion along the coast, appointing Abu ‘Ubaidah bin al-Jarrah as their leader while they were three hundreds including myself. As we reached a certain location, our food finished, thereafter Abu ‘Ubaidah ordered all the food of the battalion to be pooled, of which mine was dates. Every day he would feed us a little food until it finished, and then we started getting one date each . ” (Bukhari) Although risk management is acceptable in Islam, what distinguishes takaful from conventional insurance is that takaful is a social function of mutual risk-sharing and not a risk-transfer mechanism like conventional insurance.
Accounting, Auditing and Governance for Takaful Operations by Sheila Nu Nu Htay