By Sheila Nu Nu Htay

ISBN-10: 1118503961

ISBN-13: 9781118503966

A complete advisor to present matters and practices in governance for Takaful and re-Takaful operations

As the worldwide call for for Islamic assurance items raises, a radical figuring out of Takaful rules is key for accountants, auditors, and leaders of businesses supplying those items. This publication covers the elemental accounting rules and practices of Takaful operations, together with the segregation of resources, liabilities, source of revenue, and charges among the Takaful operator and contributors; the atmosphere 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 ebook is the ideal primer for accounting scholars and practitioners surprising with Islamic finance and Takaful operations.

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Accounting, Auditing and Governance for Takaful Operations - download pdf or read online

A finished advisor to present concerns and practices in governance for Takaful and re-Takaful operationsAs the worldwide call for for Islamic assurance items raises, an intensive realizing of Takaful ideas is key for accountants, auditors, and leaders of businesses providing those items. This publication covers the elemental accounting rules and practices of Takaful operations, together with the segregation of resources, liabilities, source of revenue, and charges among the Takaful operator and individuals; the environment apart of money reserves for assembly amazing claims and destiny claims; and the administration of profit and expenditure.

Additional info for Accounting, Auditing and Governance for Takaful Operations

Example text

Waqf (endowment): The principle is to consider the contribution as donation/contribution used as a charity. Waqf is a new model used only in Pakistan and South Africa. The trend in the Middle East and now in the Far East is for a combination of both models: wakalah for underwriting and mudaraba for investment. 2 Basic Takaful Model The takaful fund consists of payments of contributions by participants. A portion of the contributions paid is relinquished as a donation (tabarru’) to pay claims to fellow participants who suffer from defined losses.

However, in our pride we should not ignore the challenges facing the industry. One such challenge is talent development. To maintain such rapid growth the industry demands adequate supplies of knowledgeable and competent human talent. The operators are constantly on the lookout for human talent that would take the industry to the next level. Malaysia has medium- and long-term plans to develop this requisite human talent. A key component of these plans is academic programs offered by various educational institutions.

3 Cooperative Model This is the model used in Sudan as a government-backed takaful operation to meet the specific needs of the people in the country. The weakness of this model is that there is little room for entrepreneurship and raising capital is a problem. Pure Wakalah (Agency) Model The wakalah concept is essentially an agent-principal relationship or a contract of agency. In this contract, one person appoints someone else to perform a certain task on his behalf, usually against a fixed fee, AAOIFI (2009).

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Accounting, Auditing and Governance for Takaful Operations by Sheila Nu Nu Htay


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