European Journal of Accounting, Auditing and Finance Research (EJAAFR)

EA Journals

Sudan

ACCOUNTING POLICIES AND FINANCIAL REPORTING IN TAKAFUL COMPANIES – A CASE STUDY (Published)

This paper attempts to compare the financial reporting of two Islamic insurance companies “takaful” in two different countries; Bahrain and Sudan. Where Sudan is the first country to host takaful insurance in the year 1979. A case study methodology is applied where the financial reports of these two companies are studied over the years 2009 to 2012. The points under investigations are: Internal organizational structure, financial statements, financial policies, disclosure and notes to the financial statements, and management expenses. The results highlight that takaful companies in Bahrain are using mudharabah and wakalah models and their financial reports are prepared in accordance with IFRS are more informative and clearly understood. On the other hand takaful companies in Sudan use wakalah model and that their financial statements lacked elaborate disclosures rendering some of the information as not up to the standard. A closer look is taken by this study to investigate what could be the underlying factor for differences between these two companies in two countries

Keywords: Bahrain, Case Study, Financial Reporting, Sudan, Takaful

Accounting Policies and Financial Reporting – A case study (Review Completed - Accepted)

This paper attempts to compare the financial reporting of two Islamic insurance companies “takaful” in two different countries; Bahrain and Sudan. Where Sudan is the first country to host takaful insurance in the year 1979. A case study methodology is applied where the financial reports of these two companies are studied over the years 2009 to 2012. The points under investigations are: Internal organizational structure, financial statements, financial policies, disclosure and notes to the financial statements, and management expenses. The results highlight that takaful companies in Bahrain are using mudharaba and wakala models and their financial reports are prepared in accordance with IFRS are more informative and clearly understood. On the other hand takaful companies in Sudan use wakala model and that their financial statements lacked elaborate disclosures rendering some of the information as not up to the standard. A closer look is taken by this study to investigate what could be the underlying factor for differences between these two companies in these two countries

Keywords: Bahrain, Case Study, Financial Reporting, Sudan, Takaful

Scroll to Top

Don't miss any Call For Paper update from EA Journals

Fill up the form below and get notified everytime we call for new submissions for our journals.