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Accounting, Auditing and Governance for Takaful Operations
Cover of Accounting, Auditing and Governance for Takaful Operations
Accounting, Auditing and Governance for Takaful Operations
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A comprehensive guide to current issues and practices in governance for Takaful and re-Takaful operations

As the global demand for Islamic insurance products increases, a thorough understanding of Takaful principles is vital for accountants, auditors, and leaders of companies offering these products. This book covers the basic accounting principles and practices of Takaful operations, including the segregation of assets, liabilities, income, and expenditures between the Takaful operator and participants; the setting aside of cash reserves for meeting outstanding claims and future claims; and the management of revenue and expenditure. Featuring extensive case studies from real-world situations, this book is the perfect primer for accounting students and practitioners unfamiliar with Islamic finance and Takaful operations.

  • Written by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic finance
  • Covers all the major accounting principles and practices
  • Based on real-world experience and packed with illustrative case studies
  • For practicing accountants and business leaders, this book offers a thorough education in Takaful operations while also serving as an excellent guide for undergraduate students and researchers.

    A comprehensive guide to current issues and practices in governance for Takaful and re-Takaful operations

    As the global demand for Islamic insurance products increases, a thorough understanding of Takaful principles is vital for accountants, auditors, and leaders of companies offering these products. This book covers the basic accounting principles and practices of Takaful operations, including the segregation of assets, liabilities, income, and expenditures between the Takaful operator and participants; the setting aside of cash reserves for meeting outstanding claims and future claims; and the management of revenue and expenditure. Featuring extensive case studies from real-world situations, this book is the perfect primer for accounting students and practitioners unfamiliar with Islamic finance and Takaful operations.

  • Written by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic finance
  • Covers all the major accounting principles and practices
  • Based on real-world experience and packed with illustrative case studies
  • For practicing accountants and business leaders, this book offers a thorough education in Takaful operations while also serving as an excellent guide for undergraduate students and researchers.

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    About the Author-
    • Dr. Sheila Nu Nu Htay, PhD is PhD Programme Coordinator at the Institute of Islamic Banking and Finance, International Islamic University Malaysia (IIUM).
    Table of Contents-
    • Foreword ix
      Preface xi
      Acknowledgments xv
      1 Introduction to Takaful and Retakaful 1
      2 Takaful Companies and Their Accounting Environment 33
      3 Prevailing Accounting Standards and Accounting Entries for Takaful Operators 53

      4 Financial Statement Analysis 103 
      5 Zakat Computation and Distribution for Takaful and Retakaful Companies 115
      6 Auditing and Governance for Takaful Operators 125
      Appendix 1: Sample Audit Proposal 155
      Appendix 2: Audit Plan Timeline 167
      Appendix 3: Audit Program 169
      Appendix 4: Report on Shariah Compliance Audit for Takaful X Shd. As of 31 March 2011 171
      About the Authors 197
      Index 199

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      Wiley
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    • Copyright Protection (DRM) required by the Publisher may be applied to this title to limit or prohibit printing or copying. File sharing or redistribution is prohibited. Your rights to access this material expire at the end of the lending period. Please see Important Notice about Copyrighted Materials for terms applicable to this content.

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    Accounting, Auditing and Governance for Takaful Operations
    Sheila Nu Nu Htay
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