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FAS 43 “Accounting for Takaful: Recognition and Measurement”

Standard No. FAS 43
Accounting
Effective: January 1, 2025
ENGLISH
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About This Standard

AAOIFI Financial Accounting Standard (FAS) 43 “Accounting for Takaful: Recognition and Measurement” is set out in paragraphs 01-136. All the paragraphs have equal authority. This standard should be read in the context of its objective and the AAOIFI Conceptual Framework for Financial Reporting as endorsed by AAOIFI. This standard shall be read in conjunction with FAS 42 “Presentation and Disclosures in the Financial Statements of Takaful Institutions”. All AAOIFI FASs shall be read in conjunction with the definitions, Shari’ah principles and rules and key considerations provided by AAOIFI Shari’ah standards (SSs). This standard shall be read particularly in conjunction with SS 26 “Islamic Insurance” and SS 41 “Islamic Reinsurance”.

Standard Outline

  1. Preface
  2. Introduction
  3. Accounting for Takaful: Recognition and Measurement
  4. Objective of the standard
  5. Scope
  6. Definitions
  7. Part A: Structure of Takaful
  8. Part B: Accounting for Takaful arrangements – under general / variable fee approach
  9. Part C: Accounting for Takaful arrangements – under contribution allocation approach
  10. Part D: Accounting for re-Takaful arrangements held by the PTF
  11. Part E: Accounting for the Takaful operator and significant issues related to business model of Takaful
  12. Effective date
  13. Transitional provisions
  14. Amendments to other standards
  15. Appendix A: Adoption of the standard
  16. Appendix B: Basis for conclusions
  17. Appendix C: Brief history of the preparation of the standard
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