Ruling of the Bank's Shariah Advisory Council

The Shariah Advisory Council (SAC) of Bank Negara Malaysia at its 213th meeting on 27 April 2021 has ruled that the method to measure qard (interest-free loan) transaction between shareholders’ fund and takaful fund under MFRS 17 Insurance Contracts and MFRS 9 Financial Instruments requirements is allowed. This is because the total repayment of the qard amount will not increase even if the time value of money (TVM) principle is applied in the measurement method. This ruling is subject to comprehensive disclosure in the notes to the financial statements as follows:

1. The requirement for takaful operator to provide qard from shareholders’ fund in the event a deficit occurs in the takaful fund;
2. The nature of qard contract, the qard original amount that has been provided to the takaful fund and the expected repayment period for the qard upon availability of surplus in the takaful fund; and
3. Explanation on the accounting measurement in respect of TVM application to determine the present value and future value of qard and the impact to the original amount of qard and fair value adjustment required to achieve the original amount. The explanation should also cover the “rights of shareholders’ fund to receive the original qard amount” and the “obligation of takaful fund to repay the original qard amount”, of which the amount remains unchanged throughout the qard repayment period.

Please refer to the attachment for more information

Keputusan Majlis Penasihat Shariah

Majlis Penasihat Shariah (MPS) Bank Negara Malaysia pada mesyuarat ke-213 bertarikh 27 April 2021 telah memutuskan bahawa kaedah pengukuran perakaunan bagi transaksi qard (pinjaman tanpa faedah) antara dana pemegang saham dan dana takaful di bawah keperluan MFRS 17 Kontrak Insurans dan MFRS 9 Instrumen Kewangan dibenarkan. Ini adalah kerana jumlah bayaran balik amaun qard tidak akan bertambah walaupun prinsip nilai wang mengikut masa (time value of money (TVM) diterapkan dalam kaedah pengukuran. Keputusan ini tertakluk kepada penzahiran maklumat komprehensif dalam nota penyata kewangan seperti berikut:

1. Keperluan pengendali takaful memberi qard daripada dana pemegang saham apabila terdapat kekurangan dalam dana takaful;
2. Sifat kontrak qard, jumlah asal qard yang diberikan kepada dana takaful dan tempoh bayaran balik yang dijangka apabila terdapat lebihan dalam dana takaful; dan
3. Penjelasan berhubung pengukuran perakaunan seperti penerapan prinsip TVM untuk menentukan nilai kini (present value) dan nilai masa hadapan (future value) bagi qard serta kesan terhadap jumlah asal qard dan pelarasan nilai saksama (fair value) yang diperlukan untuk mencapai jumlah asal. Penjelasan tersebut hendaklah merangkumi “hak dana pemegang saham untuk menerima jumlah qard asal” dan “obligasi dana takaful membayar balik jumlah qard asal” yang tidak berubah amaunnya sepanjang tempoh bayaran balik qard.

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