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<p><b>Foreword ix</b><br /><br /><b>Preface xi</b><br /><br /><b>Acknowledgments xv</b><br /><br />1 Introduction to <i>Takaful</i> and <i>Retakaful </i>1<br /><br />2 <i>Takaful</i> Companies and Their Accounting Environment 33<br /><br />3 Prevailing Accounting Standards and Accounting Entries for <i>Takaful</i> Operators 53<br />  <br />4 Financial Statement Analysis 103 <br /><br />5 <i>Zakat</i> Computation and Distribution for <i>Takaful</i> and <i>Retakaful</i> Companies 115<br /><br />6 Auditing and Governance for <i>Takaful</i> Operators 125<br /><br />Appendix 1: Sample Audit Proposal 155<br /><br />Appendix 2: Audit Plan Timeline 167<br /><br />Appendix 3: Audit Program 169<br /><br />Appendix 4: Report on Shariah Compliance Audit for <i>Takaful</i> X Shd. As of 31 March 2011 171<br /><br /><b>About the Authors 197</b><br /><br /><b>Index 199</b></p>

<p><b>Dr. Sheila Nu Nu Htay, PhD</b> is PhD Programme Coordinator at the Institute of Islamic Banking and Finance, International Islamic University Malaysia (IIUM).</p> <p><b>Mohamed Arif</b> 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</p> <p><b>Assoc. Prof. Dr. Younes Soualhi, PhD</b>, 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.</p> <p><b>Hanna Rabittah Zaharin</b> is an audit assistant with AFTAAS Corporate Advisory</p> <p><b>Ibrahim Shaugee</b> is a consultant in Islamic finance, accounting systems and taxation, based in the Republic of Maldives.</p> <p> </p>

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.<br /> <br /> 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:<br /> <br /> • Takaful terms, concepts and foundational principles<br /> • Takaful and retakaful accounting principles and practices<br /> • Takaful and retakaful cash reserve requirements<br /> • Revenue and expenditure management<br /> • Segregation of assets, liabilities, income, and expenditures between operators and participants<br /> • Bases for recognition of revenue and expenditure (cash vs. accrual)<br /> • Accounting for qard hasan<br /> • Accounting for ratakaful<br /> • Accounting for investment<br /> • Takaful financial statements analysis<br /> <br /> Packed with real-world case studies, practical examples and crystal-clear explanations, <i>Accounting, Auditing and Governance for Takaful Operations</i> is an indispensable working resource for accountants, auditors, and business leaders.

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