Issuance Date

30 September 2021

Summary

This Exposure Draft (ED) sets out the proposed revisions to the current Policy Document on Financial Reporting for Takaful Operators issued by the Bank on 2 February 2018 (the Policy Document) to align the requirements of the Policy Document with the MFRS 17 and MFRS 9 requirements as well as to address the specificities of takaful. The ED is intended to ensure compliance with Shariah requirements and the latest MFRS requirements applicable to takaful business. This is consistent with the latest ruling by the Shariah Advisory Council of the Bank and recommendations by the Malaysian Accounting Standards Board (MASB) relating to the application of MFRS 17 and MFRS 9 to takaful businesses.

The Bank invites written feedback on the proposals in this ED including suggestions on areas requiring clarity or elaboration and alternative proposals for consideration. Responses must be submitted electronically to the Bank via [email protected] by 15 November 2021. In the course of preparing your feedback, you may direct any queries to the following officers:

1. Mohd Amirul Mukminin bin Mansor ([email protected])
2. Zafirah binti Munawar ([email protected])

Find out more: Exposure Draft on Financial Reporting for Takaful Operators