Al Madina Takaful , Oman’s first takaful provider in collaboration with the Capital Markets Authority (CMA), facilitated by MAQASID consultancy, conducted a three-day training programme. titled ‘Accounting Treatments for Works of Takaful Insurance Companies’.
The forum was part of the Knowledge Forum series sharing accounting practices and treatments that are exclusive to takaful insurance companies. Held at the CMA hall, from June 3 to 5, this forum was specifically aimed at financial and accounting professionals in the field of takaful, an insurance based on Sharia principles.
This informative and educative forum was introduced by Sheikh Abdullah bin Salem Al Salmi, executive president of the Capital Markets Authority.
The day-long programme was attended by over 30 professionals from Al Madina Takaful , Takaful Oman and CMA, and conducted by a professor member of The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and an accredited expert in Islamic Finance at International Monetary Fund (IMF), explained Usama Al Barwani, deputy chief executive officer of board and Sharia secretary at Al Madina Takaful .
“The training covered the difference between conventional insurance and Islamic insurance, the various ways in which the accounting practices and systems differ, application of the various policies, treatments and standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI),” said Usama Al Barwani.
“It also outlined the type of accounts, profit sharing, fund transfers and the structure of takaful companies elaborating on each of these aspects specifying the systems and practices that adhere to the principles of Sharia,” he added.
Al Madina Takaful Company, is one of Oman’s largest insurance companies and the first takaful provider in Oman to offer Sharia-compliant products and services for the retail and business segments.
This training programme was part of a series of knowledge sharing programs initiated to share and strengthen the knowledge and understanding of takaful insurance practices in Oman.