Prudential reporting requirements for Takaful Operators
Prudential reporting requirements for Takaful Operators
Prudential reporting requirements for Takaful Operators
A Takaful Operator must prepare and submit to AFSA the annual, biannual and quarterly prudential returns.
AFSA may require the Takaful Operator to prepare additional prudential returns, by giving a notice to that effect to the Takaful Operator.
Deadlines for provision of returns
A Takaful Operator must give an annual prudential return to AFSA within 4 months after the day the relevant financial year of the Takaful Operator ends.
A Takaful Operator must give a biannual prudential return to the AFSA within 1 month after the day the relevant standard biannual period ends.
A Takaful Operator must give a quarterly prudential return to the AFSA within 1 month after the day the relevant standard quarter ends.
*standard biannual period means the 6-month period ending on 30 June or 31 December; and
*standard quarter means the 3-month period ending on 31 March, 30 June, 30 September or 31 December.
External audit opinion to accompany
When a Takaful Operator submits its annual prudential returns to the AFSA, it must also provide an external audit opinion to accompany those prudential returns.
Prudential returns by Takaful Operators
| Item | Title of return | Form number | Frequency for AIFC-Incorporated Takaful Operators. | Frequency for Takaful Operators which are not AIFC-Incorporated |
| 1 | Statement of financial position / balance sheet | INS100 | Annually and quarterly | Annually and quarterly |
| 2 | Statement of comprehensive income / income statement | INS200 | Annually and quarterly
|
Annually and quarterly |
| 3 | Analysis of Derivative activities | INS111 | Annually and quarterly | n/a
|
| 4 | Analysis of investment concentrations in foreign currency | INS113 | Annually and quarterly
|
n/a
|
| 5 | Analysis of investment concentrations risk | INS114 | Annually and
quarterly |
n/a
|
| 6 | Supplementary information | INS210 | Annually and quarterly | Annually and quarterly |
| 7 | Calculation of Eligible Capital | INS300 | Annually and quarterly | n/a
|
| 8 | Calculation of Prescribed Capital Requirement (PCR) | INS310 | Annually and quarterly
|
n/a
|
| 9
|
Calculation of asset risk component | INS320 | Annually and quarterly | n/a
|
| 10 | Calculation of off-balance sheet asset risk component | INS330 | Annually and quarterly
|
n/a
|
| 11 | Calculation of off-balance sheet liability risk component | INS340 | Annually and quarterly | n/a
|
| 12 | Calculation of Premium Risk Component | INS350 | Annually and quarterly
|
n/a
|
| 13
|
Calculation of technical provisions risk component | INS360 | Annually and quarterly
|
n/a
|
| 14 | (For Long Term Takaful Operators only) Calculation of Family Takaful risk component | INS370 | Annually and quarterly
|
n/a
|
| 15 | Calculation of Takaful concentration risk component | INS380 | Annually and quarterly
|
n/a
|
| 16 | Statement of Retakaful / reinsurance | INS400 | Annually | Annually and quarterly |
| 17 | Statement of premium information | INS500 | Annually and quarterly | Annually and quarterly |
| 18
|
Statement of technical provisions and claims | INS600 | Annually and quarterly
|
Annually and quarterly
|
| 19 | (For Long Term Takaful Operators only) Statement of changes in long term business | INS610
|
Annually | n/a |
| 20 | Statement of intra-group transactions
|
INS700 | Annually and quarterly
|
n/a
|
| 21 | Statement of largest clients | INS800 | Annually and quarterly | Annually and quarterly |
For more information, please follow the Takaful Retakaful prudential rules
Manual for preparation of returns
Prudential reporting forms available on Digital Resident portal.