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.

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Extra info for Accounting, Auditing and Governance for Takaful Operations

Sample text

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.

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