By Sheila Nu Nu Htay
A accomplished consultant to present matters and practices in governance for Takaful and re-Takaful operations
As the worldwide call for for Islamic assurance items raises, an intensive realizing of Takaful rules is essential for accountants, auditors, and leaders of businesses delivering those items. This e-book covers the fundamental accounting rules and practices of Takaful operations, together with the segregation of resources, liabilities, source of revenue, and charges among the Takaful operator and individuals; the environment apart of money reserves for assembly awesome claims and destiny claims; and the administration of profit and expenditure. that includes large case experiences from real-world events, this e-book is the precise primer for accounting scholars and practitioners unexpected with Islamic finance and Takaful operations.
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Extra info for Accounting, Auditing and Governance for Takaful Operations
All models must satisfy the Shariah, technical, and regulatory concerns. The models include the following: Pure Cooperative Model Pure Wakalah Model Wakalah with incentive compensation Pure Mudharaba Model Modified Mudarabah Model Hybrid Wakalah Mudharaba Model Waqf Model At least three models are practised in the Muslim world (Abouzaid, 2007): 1. Mudaraba (profit sharing), which is used mainly in the Far East. 2. 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. 2 Basic Takaful Model The takaful fund consists of payments of contributions by participants. A portion of the contributions paid is relinquished as a donation (tabarru’) to pay claims to fellow participants who suffer from defined losses.
Background and Readership This book is intended as an introduction to accounting, auditing, and governance issues related to takaful operations for students, practitioners, and the general public who may be interested in the inner workings of the takaful industry. With this readership in mind, the book has been written in such a way that a reader would have no difficulty understanding the content. Special care was given to ensure that less technical jargon was used and that the language was kept as simple as possible.
Accounting, Auditing and Governance for Takaful Operations by Sheila Nu Nu Htay