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  • BC-3.4 BC-3.4 Disclosure

    • BC-3.4.1

      Takaful firms must provide participants and shareholders with clear information about the performance of their business. This information must, as a minimum, comply with relevant AAOIFI standards, in particular Standard 13 (Disclosure of Bases for Determining and Allocating Surplus or Deficit in Islamic Insurance Companies) and 12 (General Presentation and Disclosure in the Financial Statements of Islamic Insurance Companies).

      Amended: January 2007

    • BC-3.4.2

      Takaful firms must clearly disclose to participants the calculation (percentage) and amount of wakala fee and mudaraba share of profits paid by the takaful fund to the takaful operator.

      Amended: January 2007