By Sheila Nu Nu Htay
A finished consultant 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 realizing of Takaful ideas is key for accountants, auditors, and leaders of businesses delivering those items. This booklet covers the fundamental accounting ideas 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 remarkable claims and destiny claims; and the administration of profit and expenditure. that includes wide case experiences from real-world occasions, this ebook is the appropriate primer for accounting scholars and practitioners unusual with Islamic finance and Takaful operations.
- Written through specialists from the International...
The EPUB structure of this name is probably not appropriate to be used on all hand held devices.
Read or Download Accounting, Auditing and Governance for Takaful Operations PDF
Best insurance books
Compliment for InvestmentGuarantees "In addition to being a helpful and leading edge addition to the literature on possibility administration of equity-linked coverage, this ebook offers a uniquely transparent demonstration of utilizing assorted measures in a truly functional context. an effective way of revealing actuaries tips on how to ‘mind their playstation and Qs’!
Expanding prescription drug cost-sharing by way of sufferers - within the type of expanding copayments - is without doubt one of the such a lot amazing, and arguable, advancements within the wellbeing and fitness quarter over fresh years. the precise nature and use of copayments through wellbeing and fitness care insurers remains to be sizzling subject of dialogue. This distinctive and meticulously researched examine is among the first of its variety: its effects recommend that transformations in copayments effect selection, transferring industry proportion for those medicinal drugs.
It is a 3-in-1 reference ebook. It provides an entire scientific dictionary overlaying 1000s of phrases and expressions in terms of medical health insurance. It additionally offers huge lists of bibliographic citations. eventually, it offers info to clients on tips to replace their wisdom utilizing quite a few net assets.
In the course of the improvement of contemporary chance idea within the seventeenth cen tury it used to be typically held that the popularity of of venture supplying the payoffs :1:17 ••• ,:l: with chances Pl, . . . , Pn is given via its anticipated n price L:~ :l:iPi. as a result, the choice challenge of selecting between various such gambles - with a purpose to be referred to as customers or lotteries within the sequel-was considered solved by means of maximizing the corresponding anticipated values.
- Time Series: Data Analysis and Theory
- INSURANCE REGULATION AND SUPERVISION IN THE OECD COUNTRIES
- Stochastic Control in Insurance (Probability and Its Applications)
- Multiple Criteria Decision Making in Finance, Insurance and Investment
- Mutual Insurance 1550-2015: From Guild Welfare and Friendly Societies to Contemporary Micro-Insurers (Palgrave Studies in the History of Finance)
- Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management
Extra info for Accounting, Auditing and Governance for Takaful Operations
Wakalah (agency): The takaful operator deducts an up-front management fee from the contribution (premium); it may also receive a performance-related fee, which is deducted from any surplus. 3. 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.
It is a form of gharar and a zero-sum game where no additional value is created. There is no win-lose situation or zero-sum game in takaful, unlike conventional insurance, where policyholders are seen to bet on premiums on the condition that the insurer will pay indemnity upon the occurrence of a specified event. This means that the gain of one party is contingent upon the loss of the other because the insured would lose the money paid for the premium when that event does not occur and the insurer would suffer a deficit when the event occurs or where claims exceed the premiums paid.
Introduction Although this book is mainly aimed at explaining the accounting treatment for takaful operators, it is important for readers to acquire a basic understanding of the history and principles behind takaful operations in order to fully appreciate the setup of takaful operators. For this reason, Chapter 1 provides a brief history of insurance and takaful as well as a brief look at the principles behind takaful. History of Insurance and Takaful History of Insurance (Conventional Insurance) Conceptually, insurance is a form of risk management primarily used to hedge against the risk of a contingent loss.