By Sheila Nu Nu Htay
A entire advisor 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 knowing of Takaful ideas is essential for accountants, auditors, and leaders of businesses delivering those items. This e-book covers the fundamental accounting ideas and practices of Takaful operations, together with the segregation of resources, liabilities, source of revenue, and bills among the Takaful operator and individuals; the surroundings apart of money reserves for assembly awesome claims and destiny claims; and the administration of profit and expenditure. that includes broad case reviews from real-world occasions, this e-book is the correct primer for accounting scholars and practitioners surprising with Islamic finance and Takaful operations.
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No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor the author shall be liable for any damages arising herefrom. , 42 McDougall Street, Milton, Queensland 4064, Australia Wiley-VCH, Boschstrasse 12, D-69469 Weinheim, Germany ISBN 978-1-118-50395-9 (Paperback) ISBN 978-1-118-50397-3 (ePDF) ISBN 978-1-118-50398-0 (Mobi) ISBN 978-1-118-50396-6 (ePub) Foreword The establishment of an Islamic bank in Malaysia, in the early 1980s, generated significant interest in the populace for an institution that would fulfil a prevailing need for an alternative to conventional insurance in order to complement and supplement the insurance needs of Islamic banking.
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. Takaful contracts have to observe specific rules in order to avoid gharar, such as making sure that the matter of insurance is a legitimate and essential need; that the insurer is able to safeguard the interests of the insured, and that the insurance is transacted on a cooperative basis under which ownership of the premium is with all contributors to the takaful fund; they collectively bear the risk and can share profits or losses from the pool.
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 “. . 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.
Accounting, Auditing and Governance for Takaful Operations by Sheila Nu Nu Htay