By Sheila Nu Nu Htay
A accomplished 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 knowing of Takaful rules is key for accountants, auditors, and leaders of businesses providing those items. This ebook covers the elemental accounting ideas 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 amazing claims and destiny claims; and the administration of profit and expenditure. that includes wide case reports from real-world events, this booklet is the precise primer for accounting scholars and practitioners unusual with Islamic finance and Takaful operations.
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Additional info for Accounting, Auditing and Governance for Takaful Operations
Foreign) 2. CIMB Aviva Takaful Bhd. (local) 3. Etiqa Takaful Bhd. (local) 4. Great Eastern Takaful Sdn. Bhd. (local) 5. Hong Leong Tokio Marine Takaful Bhd. (local) 6. HSBC Amanah Takaful (M’sia) Sdn. Bhd. (local) 7. MAA Takaful Bhd. (local) 8. Prudential BSN Takaful Bhd. (local) 9. Syarikat Takaful M’sia Bhd. (local) 10. Takaful Ikhlas Sdn. Bhd. ” (Narrated by Al-Tirmidhi and Ibn Majah, Book 60 No. 2517) Shariah also encourages the practise of spreading the risk among as many people as possible.
The discussion here is based on the methods suggested by the AAOIFI. 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.
The prohibition of riba is revealed in four stages in the Qur’anic revelations to show that any form of interest is prohibited under Shariah, and as interpreted by majority of the jurists, whether at a reasonable or an excessive rate. It is the fourth stage that conclusively prohibits all forms of riba: “Allah has permitted trade and prohibited usury” and where “any excess over and above the principal amount of capital is disallowed” (Qur’an 2: 275–281). Riba is forbidden because it represents a form of financial exploitation where one party to a contract, the borrower, is put at a disadvantage or manipulated, as interest obligation is a certainty but business outcome an uncertainty, which leads to injustice.
Accounting, Auditing and Governance for Takaful Operations by Sheila Nu Nu Htay