Accounting for Islamic

Insurance
Nadiatul Qalbi Amalia Rizqi
(041911333077)
 Describe the contract scheme in the
transaction for the takafulink salam insurance
product
POLICYHOLDERS ISLAMIC
INSURANCE

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Profit from investment

INSURANCE FUND
 How is the recognition and measurement of
transactions in the takafulink salam insurance
product? (Use the relevant assumptions in
this case)
On July 1st, 2020 PT Takaful Insurance received contribution from policyholders
12 million rupiah fro protection period from July 1st, 2020 until June 30th, 2021.

Insurance Funds

July/1/2020 Dr. Cash 12.000.000

Cr. Contribution payable 12.000.000

July/31/2021 Dr. Contribution payable 1.000.000

Cr. Contribution profit 1.000.000

PT Takaful Insurance paid out the claims to the policyholders

Dec 14, 2020 → holders propose the claims to PT Takaful Insurance

Dec 15-21, 2020 → PT Takaful Insurance processing the claims

Dec 22nd, 2020 → PT Takaful Insurance accept the claims and decide the claims
is 10 million rupiah

Dec 23, 2020 → PT Takaful Insurance paid 10 million rupiah to the policyholders
14 - 21 Dec 2020 → no journal

22 Dec 2020 → Dr. Calims expense 10.000.000

Cr. Claims Payable 10.000.000

23 Dec 2020 → Dr. Claims Payable 10.000.000

Cr. Cash 10.000.000

How is the transaction presentation for the
takafulink salam insurance product
presented? Both the company's fund report
and the participant's fund report
Disclosures that are specifically regulated in PSAK 108 include:
1. Accounting policy for contributions received and their amendments, and
cancellation of insurance policies and their consequences
2. Participant contribution receivable
3. details of participant contributions by type of insurance
4. the number and percentage of participant contribution components for the risk
and ujrah share of the total participant contribution per type of insurance
5. allocation policy on underwriting surplus
6. the amount of the loan to the tabarru fund, if any
7. objectives, policies, and processes in managing risks arising from sharia insurance contracts,
as well as the methods used to manage these risks
8. information about insurance risk (both before and after mitigating the risk).
9. accounting policy for the management of investment funds originating from participants
10. details of the amount of investment funds based on the contract used in the collection and
management of investment funds
11. the type of technical allowance and the basis used in determining the amount for each
technical allowance and changes to the basis of determination used.
12. the party who receives the transfer of balance and atabarru' in the event of liquidation of the
product or the managing entity
13. the amount used as the basis for determining the allocation of underwriting surplus
14. details of assets from tabarru funds, investment funds, and managing entities