By Sheila Nu Nu Htay
A accomplished consultant to present concerns and practices in governance for Takaful and re-Takaful operations
As the worldwide call for for Islamic coverage items raises, an intensive figuring out of Takaful ideas is essential for accountants, auditors, and leaders of businesses supplying those items. This booklet covers the fundamental accounting rules and practices of Takaful operations, together with the segregation of resources, liabilities, source of revenue, and costs among the Takaful operator and individuals; the surroundings apart of money reserves for assembly impressive claims and destiny claims; and the administration of profit and expenditure. that includes wide case experiences from real-world occasions, this publication is the right primer for accounting scholars and practitioners unexpected with Islamic finance and Takaful operations.
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Additional resources for Accounting, Auditing and Governance for Takaful Operations
Al-Qur’an, 5:2) This verse has been applied to takaful, which is designed to be a form of mutual help (ta’awun) in the furtherance of good and virtue, that is, in preserving life and material possessions, by alleviating one (the takaful participant) against a material risk resulting from an unexpected peril or catastrophe. The Prophet in a hadith has encouraged people to mitigate their risks before leaving it to God to protect their property. ” (Narrated by Al- Tirmidhi and Ibn Majah, Book 60 No.
In case of the deficit of a participant’s takaful fund, the takaful operator (wakeel) provides a free interest loan (qard hasan) to the participants. In case of deficit, the conventional insurance company covers the risks. The plan owners’ and shareholders’ capital is invested in investment funds that are Shariah-compliant. The capital of the premium is invested in funds and investment channels that are not necessarily Shariah-compliant. Takaful companies have re-insurance with retakaful companies or with conventional re-insurance companies that adhere to certain conditions of Shariah.
Takaful Act 1984 Malaysia has a dual or parallel system of insurance. The insurance industry is governed by the Insurance Act 1996, while the takaful industry is governed by the Takaful Act 1984. What concerns the Islamic insurance industry is Section 54(1) of the Takaful Act 1984, which provides that: The Central Bank shall be responsible for administering, enforcing, carrying out, and giving effect to the provisions of this Act, and the Governor of the Central Bank shall be the Director General of takaful and shall exercise, discharge, and perform on behalf of the Central Bank, the powers, duties, and functions conferred on the Director General under this Act.