By Sheila Nu Nu Htay
A entire consultant to present matters and practices in governance for Takaful and re-Takaful operations
As the worldwide call for for Islamic assurance items raises, an intensive knowing of Takaful ideas is essential for accountants, auditors, and leaders of businesses delivering those items. This publication covers the fundamental accounting ideas 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 amazing claims and destiny claims; and the administration of profit and expenditure. that includes broad case experiences from real-world occasions, this publication is the ideal primer for accounting scholars and practitioners strange with Islamic finance and Takaful operations.
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Additional resources for Accounting, Auditing and Governance for Takaful Operations
1 Framework of Takaful Industry Players and Regulators Compulsory Membership Section 4(2)(d) makes it mandatory for a takaful operator to become a member of the Malaysian Takaful Association as a requirement for carrying on business. The Malaysian Takaful Association (MTA) is an industry association that was set up in 2002 under the Malaysian Societies Act of 1966. The objective of the MTA is to improve industry self-regulation through uniformity in market practises and promotion of a higher level of cooperation among the players in developing the takaful industry.
Today, Lloyd’s of London remains the leading market for marine and other specialist types of insurance. And risk management has evolved as a discrete field of study and practise in the appraising and controlling of risk. History of Takaful (Islamic Insurance) Takaful is derived from the Arabic word kafalah, which is a pact that guarantees individuals in a group against loss or damage sustained by anyone of them. It is also described as guaranteeing each other or joint guarantee, which encompasses the elements of shared responsibility, joint indemnity, common interest, and solidarity.
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. Conventional insurance companies do not necessarily have re-insurance with re-insurance companies that abide by Shariah principles.
Accounting, Auditing and Governance for Takaful Operations by Sheila Nu Nu Htay