Regulatory Alerts2025-03-03
Added · Updated
General Takaful Accounting Regulations 2019 (Updated as of March 3, 2025)
The Securities and Exchange Commission of Pakistan mandates General Takaful Accounting Regulations 2019 for Takaful and Window Takaful operators, effective for accounting periods commencing on or after January 1, 2020. The regulations establish specific accounting standards for regulatory returns and published financial statements, including detailed rules for recognizing contributions, Wakala fees, Qard-e-Hasna, and Takaful benefits. A March 3, 2025 update introduces an alternative disclosure method for insurers whose Window Takaful operations constitute 25% or more of their overall gross contributions, allowing for consolidated presentation of assets, liabilities, income, and expenses.
Topics
disclosure
islamic-finance
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