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Accounting, Auditing and Governance for Takaful Operations. Wiley Finance

  • ID: 2329514
  • Book
  • October 2012
  • Region: Global
  • 224 Pages
  • John Wiley and Sons Ltd
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The Takaful industry is booming. In the past two years alone it has experienced an astonishing 30% growth, making it the fastest growing sector in the worldwide insurance industry. As the demand for Islamic insurance products continues to soar among Muslims and non–Muslims alike, new companies are springing up to meet that demand, while many established, conventional insurance companies have begun to open Takaful windows of their own.

To survive and thrive in today s dynamic, rapidly evolving Islamic insurance market, you need access to the most up–to–date, expert information and guidance on Takaful principles and practices. Written by experts from the International Islamic University Malaysia, the leading Islamic finance research organization, this book supplies you with that, and much more. It covers all the essentials, including:

Takaful terms, concepts and foundational principles

 Takaful and retakaful accounting principles and practices

 Takaful and retakaful cash reserve requirements

 Revenue and expenditure management

 Segregation of assets, liabilities, income, and expenditures between operators and participants

 Bases for recognition of revenue and expenditure (cash vs. accrual)

 Accounting for qard hasan

 Accounting for ratakaful

 Accounting for investment

 Takaful financial statements analysis

Packed with real–world case studies, practical examples and crystal–clear explanations,
Accounting, Auditing and Governance for Takaful Operations is an indispensable working resource for accountants, auditors, and business leaders.
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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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Sheila Nu Nu Htay
Mohamed Arif
Younes Soualhi
Hanna Rabittah Zaharin
Ibrahim Shaugee
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