By Sheila Nu Nu Htay
A entire 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 realizing of Takaful rules is essential for accountants, auditors, and leaders of businesses supplying those items. This e-book covers the fundamental accounting rules and practices of Takaful operations, together with the segregation of resources, liabilities, source of revenue, and bills among the Takaful operator and members; the environment apart of money reserves for assembly impressive claims and destiny claims; and the administration of profit and expenditure. that includes broad case experiences from real-world occasions, this booklet is the precise primer for accounting scholars and practitioners unusual with Islamic finance and Takaful operations.
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Extra info for Accounting, Auditing and Governance for Takaful Operations
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.
In fact, mutual insurance had evolved much earlier under the ancient system of aqila as practised by Arabs of Mecca and Medina. It was based on shared responsibility where payment of blood money or diyyah had to be made by the paternal relatives of the slayer as compensation. The doctrine of aqila was approved by the Holy Prophet (SAWS) in a dispute between two women from the tribe of Huzail, which gave continuity to the culture of mutual cooperation and was applied in takaful. The development of takaful in modern times was initially undertaken in Sudan in 1979 followed by Malaysia in 1984.
2 And modern insurance can be traced back to its beginnings in the 1600s, when British merchants and ship owners began to meet at a coffeehouse near Lombard Street in London, called Lloyd’s, where they made an agreement to mutually share in the profits and losses of sea voyages (Fisher, 2009). It became the meeting place for parties wishing to insure cargoes and ships and those willing to underwrite such ventures. Today, Lloyd’s of London remains the leading market for marine and other specialist types of insurance.