Acct 424 Insurance accounting Question(s): Q1. Differentiate between conventional insurance and takaful system in no less than five items. (3 Marks) Q2. What are the differences between statutory and GAAP accounting and explain pillars of the statutory accounting principles? (4 Marks) Q1. SAMA is the institution responsible for regulating and monitoring the insurance market in […]
Differentiate between conventional insurance and takaful system focusing on the three elements that makes the conventional insurance (haram) prohibited under Islam laws.
Assignment Question(s): Q1. Visit the following website for SAMA (https://www.sama.gov.sa/en-US/FAQs/Pages/InsuranceFAQs.aspx). Summarize its content in your own words and compare it to Insurance Laws you studied the course. (Marks 8) Answer: Q2. Differentiate between conventional insurance and takaful system focusing on the three elements that makes the conventional insurance (haram) prohibited under […]