In its continued pursuit to develop comprehensive financial accounting standards for the global Islamic finance industry a decision was taken by the AAOIFI Accounting Board (AAB) to revisit existing financial accounting standards (FASs). During the last two decades, the Takaful industry has witnessed significant changes along with considerable enhancement to its regulatory environment. Concurrently, other international accounting standard setting bodies embarked on projects related to insurance and Takaful accounting.

Accordingly, the AAB initiated a comprehensive revision project for the FASs on Takaful which aimed to thoroughly analyse each FAS on Takaful including benchmarking them against other international accounting standards in insurance and other global good practices in order to identify and recommend areas of improvement or complete overhaul, if required.

Accordingly, this survey aims to explore views of the Takaful / Islamic insurance industry regarding the best practices in financial reporting, thereby helping AAOIFI to redevelop its FASs to address the requirements of its stakeholders in line with global good practices.

The survey can be accessed BY CLICKING HERE

AAOIFI highly values your response and appreciates your time and effort in responding to this short survey.

Kindly provide any observations or comments to accounting@aaoifi.com no later than 1 May 2021.