By Sheila Nu Nu Htay
A finished advisor to present concerns and practices in governance for Takaful and re-Takaful operations
As the worldwide call for for Islamic assurance items raises, a radical knowing of Takaful rules is key for accountants, auditors, and leaders of businesses supplying 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 expenses among the Takaful operator and contributors; the atmosphere apart of money reserves for assembly amazing claims and destiny claims; and the administration of profit and expenditure. that includes wide case experiences from real-world occasions, this booklet is the fitting primer for accounting scholars and practitioners unexpected with Islamic finance and Takaful operations.
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Extra info for Accounting, Auditing and Governance for Takaful Operations
The models include the following: Pure Cooperative Model Pure Wakalah Model Wakalah with incentive compensation Pure Mudharaba Model Modified Mudarabah Model Hybrid Wakalah Mudharaba Model Waqf Model At least three models are practised in the Muslim world (Abouzaid, 2007): 1. Mudaraba (profit sharing), which is used mainly in the Far East. 2. Wakalah (agency): The takaful operator deducts an up-front management fee from the contribution (premium); it may also receive a performance-related fee, which is deducted from any surplus.
After discussing computation, the chapter ends with a look at the disclosure requirements as suggested by the AAOIFI. Chapter 6 provides a detailed look at the auditing and governance standards that a takaful operator has to follow. The standards discussed include those set by the AAOIFI, the Islamic Financial Services Board (IFSB), Bank Negara Malaysia (BNM), and Bursa Malaysia. Background and Readership This book is intended as an introduction to accounting, auditing, and governance issues related to takaful operations for students, practitioners, and the general public who may be interested in the inner workings of the takaful industry.
Conventional insurance companies do not necessarily have re-insurance with re-insurance companies that abide by Shariah principles. Shariah, Legal, and Regulatory Framework of Takaful The Shariah Principles Revelatory sources have provided the Shariah basis for takaful. The principles that provided the legitimate existence of takaful can be deduced from the Qur’an, Sunnah, and Islamic legal maxim. Surah al-Maidah, verse 2: Help (ta’awun) ye one another in righteousness (birr) and piety, but help ye not one another in sin and rancour, fear Allah, for Allah is strict in punishment.