By Sheila Nu Nu Htay
A complete 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 knowing 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 costs among the Takaful operator and contributors; the surroundings apart of money reserves for assembly striking claims and destiny claims; and the administration of profit and expenditure. that includes wide case reports 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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Additional info for Accounting, Auditing and Governance for Takaful Operations
The insurance industry is governed by the Insurance Act 1996, while the takaful industry is governed by the Takaful Act 1984. What concerns the Islamic insurance industry is Section 54(1) of the Takaful Act 1984, which provides that: The Central Bank shall be responsible for administering, enforcing, carrying out, and giving effect to the provisions of this Act, and the Governor of the Central Bank shall be the Director General of takaful and shall exercise, discharge, and perform on behalf of the Central Bank, the powers, duties, and functions conferred on the Director General under this Act.
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 hadith of Nihd or Ash’ariyyin is usually quoted to validate this type of risk mitigation in takaful: Jabir bin ‘Abdillah narrated that “. . then the Prophet (SAWS) dispatched a battalion along the coast, appointing Abu ‘Ubaidah bin al-Jarrah as their leader while they were three hundreds including myself. As we reached a certain location, our food finished, thereafter Abu ‘Ubaidah ordered all the food of the battalion to be pooled, of which mine was dates.
May Allah make this effort a success and bless their future endeavours. Dato’ Mohd Fadzli Yusof Preface What started as a search by Muslim scholars and political economists for an alternative to the economic and financial system forced upon the Muslim world after their colonisation has today developed into a thriving industry that has witnessed rapid evolution and expansion within the past decade. This is visible not only in the Islamic world but in the Western world as well, signifying its robustness and vigor in the face of the financial crises that rocked the major economies of the world.