Takaful Insurance Regulations in Iraq in the light of the Standards of Accounting and Auditing Organization for Islamic Financial Institutions

Abstract

The last quarter of the twentieth century witnessed the launch of the functioning of Islamic banks, the expansion of the scope of its work, and its prevalent spread to various countries of the world, including Iraq. Thus, its need for insurance appeared in many of its operations, and takaful insurance emerged as a Sharia alternative to commercial insurance. Takaful insurance provides the same services as commercial insurance, while avoiding Sharia prohibitions. Interests in creating takaful insurance in Iraq has increased, as an important component of the Islamic financial system. In this context, Takaful Regulations were issued to regulate the working of takaful insurance in 2009. Based on what stated above, the subject of this research aims at studying takaful regulations (No. 1) in the light of the Sharia standards of the Accounting and Auditing Organization, as well as learning about the concept, features and principles of Takaful insurance, and explaining the most important fundamental differences between takaful insurance and commercial insurance.