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Meeting on Takaful Accounting Issues

26 November 2009

MASB held a meeting with representatives from Malaysian Takaful Association (MTA), Ernst & Young (EY) and Malaysian Institute of Certified Public Accountants (MICPA) to discuss the emerging accounting issues pertaining to takaful operations in the country.

The meeting’s objective was to discuss the applicability of FRS 4 Insurance Contracts to takaful operators, ‘qardh hassan’ valuations and financial statements presentation issues for takaful operators in Malaysia.

The meeting was chaired by En Mohammad Faiz (MASB Chairman).

Among the attendees were Mr Ken Pushpanathan, Chairman of Insurance Working Group of MICPA, En Muhammad Fikri Rawi, Chairman for the Finance Committee of MTA and En Abdul Rauf Rashid, Partner, Global Financial Services, EY.