Accounting, Auditing and Governance for 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.

Dr. Sheila Nu Nu Htay, PhD is PhD Programme Coordinator at the Institute of Islamic Banking and Finance, International Islamic University Malaysia (IIUM).

Mohamed Arif was CEO of Takaful Indonesia from 2001 to 2004. From 1985 to 2000, he was General Manager Finance and Administration/Company Secretary of Takaful Malaysia

Assoc. Prof. Dr. Younes Soualhi, PhD, is an Associate Professor at the International Islamic University Malaysia (IIUM), Chairman of the Shariah Board of HSBC Amanah Malaysia and Chairman of the Shariah board of Munich Re Takaful. He is also a founding member of the French Council of Islamic Finance (COFFIS), Paris.

Hanna Rabittah Zaharin is an audit assistant with AFTAAS Corporate Advisory

Ibrahim Shaugee is a consultant in Islamic finance, accounting systems and taxation, based in the Republic of Maldives.