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, an intensive figuring out of Takaful ideas is essential for accountants, auditors, and leaders of businesses delivering those items. This publication covers the elemental accounting ideas and practices of Takaful operations, together with the segregation of resources, liabilities, source of revenue, and bills among the Takaful operator and contributors; the surroundings apart of money reserves for assembly awesome claims and destiny claims; and the administration of profit and expenditure. that includes huge case reviews from real-world events, this e-book is the fitting 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
This includes the accounting and governance standards and guidelines as well as the organisations that set them. The discussion in this chapter is mostly focused on the standard-setting organisations and institutions. Chapter 3 provides a detailed look at the financial reporting requirements of a takaful operator. The emphasis of this chapter is mostly on the requirements of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards for takaful operators. Furthermore, this chapter also provides typical journal entries that a takaful operator has to pass in order to record its transactions, including retakaful.
This hybrid model has its appeal as investment profits can be a source of income, and the wakalah fee earned on the underwriting activities creates a stable and predictable source of up-front income, which can be used to fund the initial acquisition (Frenz and Soualhi, 2010). Waqf Model Although it is generally accepted that the takaful fund is owned by the participants, it is not a separate legal entity as such. The waqf model is an attempt to overcome the ownership issue of the tabarru’ (or donation) fund.
The emphasis of this chapter is mostly on the requirements of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards for takaful operators. Furthermore, this chapter also provides typical journal entries that a takaful operator has to pass in order to record its transactions, including retakaful. Chapter 4 discusses financial statement analysis. The discussion is from the perspective of a takaful operator; hence, it is different from a typical financial statement analysis.