By Sheila Nu Nu Htay
A complete advisor 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 essential for accountants, auditors, and leaders of businesses providing those items. This ebook covers the elemental accounting rules and practices of Takaful operations, together with the segregation of resources, liabilities, source of revenue, and expenses among the Takaful operator and individuals; the surroundings apart of money reserves for assembly impressive claims and destiny claims; and the administration of profit and expenditure. that includes broad case reports from real-world events, this publication is the right primer for accounting scholars and practitioners strange with Islamic finance and Takaful operations.
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Extra resources for Accounting, Auditing and Governance for Takaful Operations
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). It is a universal principle that full consent and satisfaction of the parties to a contract can only be achieved through certainty, full knowledge, disclosure, and transparency.
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 hadith of Nihd or Ash’ariyyin is usually quoted to validate this type of risk mitigation in takaful: Jabir bin ‘Abdillah narrated that “.
Premium paid by the policyholder is considered as income to the company, belonging to the shareholders. Any surplus in the takaful fund is shared among participants only, and the investment profits are distributed among participants and shareholders on the basis of mudaraba or wakalah models. All surpluses and profits belong to the shareholders only. In case of the deficit of a participant’s takaful fund, the takaful operator (wakeel) provides a free interest loan (qard hasan) to the participants.