Summary

BNM has published the Financial Reporting for Takaful Operators Policy Document and Financial Reporting Policy Document, which set out the revised requirements applicable for takaful operators and insurers to ensure alignment with the Malaysian Financial Reporting Standards (MFRS) 17 Insurance contracts and the MFRS 9 Financial Instruments requirements.

Specifically for takaful operators, the disclosure requirements have been strengthened to reflect specificities of takaful. Requirements have also been aligned with recommendations by the Malaysian Accounting Standards Board (MASB) and latest ruling by the Shariah Advisory Council relating to application of MFRS 17 to takaful businesses (i.e. columnar presentation of financial statements and qard measurement).

Policy Documents:

• Financial Reporting 

• Financial Reporting for Takaful Operators