By Sheila Nu Nu Htay
A complete consultant 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 realizing of Takaful rules is key for accountants, auditors, and leaders of businesses delivering 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 charges among the Takaful operator and members; the environment apart of money reserves for assembly amazing claims and destiny claims; and the administration of profit and expenditure. that includes broad case reports from real-world occasions, this e-book is the precise 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 is contrasted with insurance, which is an exchange contract (sale and purchase) between insurers and insured and based on fixed interest. Under takaful, any investment of contributions must be strictly limited to Shariah-compliant schemes. In the case of conventional insurance, the premiums are invested in conventional bonds and interest-bearing accounts. Gharar can be loosely translated as uncertainty, but the definition varies from one madhab to another. It may also mean deception, risk, hazard, ignorance, unjust enrichment, or even information asymmetry or “that whose consequences are hidden” (al-Dhareer, 1997).
About the Contents Chapter 1 is presented as an introduction to takaful (Islamic insurance). Through the discussions in this chapter, the reader should be able to grasp a basic understanding of the history and development of conventional insurance as well as takaful. This discussion also encompasses the differences between these two concepts. Furthermore, this chapter also explains the Shariah, legal and regulatory framework behind takaful operations, as well as the basic takaful models being practised around the world.
Whose patience and steadfastness in hard times stand as a model for humanity. First and foremost, we would like to thank and praise Allah for blessing us with the ability and perseverance to complete this book. For without His blessing and mercy, this book would not have seen the light of day. The mission of organising this book has been deeply facilitated by the sincere assistance and encouragement of many persons, who have contributed directly or indirectly towards this effort. It is our obligation to acknowledge these contributions and thank them.