By Sheila Nu Nu Htay
A accomplished 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 figuring out of Takaful rules is essential for accountants, auditors, and leaders of businesses supplying those items. This booklet covers the elemental accounting rules and practices of Takaful operations, together with the segregation of resources, liabilities, source of revenue, and costs among the Takaful operator and members; the atmosphere apart of money reserves for assembly notable claims and destiny claims; and the administration of profit and expenditure. that includes large case stories from real-world events, this publication is the right primer for accounting scholars and practitioners surprising with Islamic finance and Takaful operations.
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Extra resources for Accounting, Auditing and Governance for Takaful Operations
In this model, the wakalah is used for the underwriting function, whereby the takaful operator acts as an agent (appointed by participants) to manage the takaful fund for the purpose of insurance activities (underwriting of contributions, risk assessments, and claim management). The takaful operator charges a specified and agreed upon management fee for services rendered. The takaful operator also acts as an investment manager (mudarib) under a mudarabah contract for the purpose of investment of the takaful fund.
Furthermore, our deepest thanks to Mr. Mustapha Hammat (Distinguished Fellow, Institute of Islamic Banking & Finance, IIUM) and Dato Professor Dr. Mohd Azmi Omar (Director, Islamic Research and Training Institute) for their kind support, assistance, and invaluable guidance. In addition, we would also like to extend our infinite gratitude and thanks to all the IIiBF staff. Last but not least, our thanks and appreciation to all those who contributed towards the completion of this book. May Allah bless and repay their kindness and bestow his blessings on all of you.
Any company may apply as a takaful operator as defined in the Companies Act 1965 or by a society registered under the Co-operative Societies Act. The director general of takaful shall be responsible for the registration of takaful operators. Section 4(2) provides three specific requirements that must be fulfilled by the company/society seeking registration as a takaful operator: (i) It must maintain at all times a surplus of assets over liabilities of not less than the prescribed amount; (ii) It has set aside the statutory deposit of RM300,000; and (iii) It is a member of the Malaysian Takaful Association.
Accounting, Auditing and Governance for Takaful Operations by Sheila Nu Nu Htay