GIG Takaful first in region to adopt new FAS

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

Takaful International Company (GIG Takaful Bahrain), a leading provider of Islamic insurance solutions in the Kingdom of Bahrain, announced that it has become the first Takaful company in the region to adopt new Financial Accounting Standards (FAS) 43 and 30, issued by the Accounting and Auditing Organization for Islamic Organizations (AAOIFI) which are equivalent to the International Financial Reporting Standards IFRS 17 and IFRS 9.

IFRS 17, the international accounting standard that FAS 43 is equivalent to, sets out comprehensive requirements for the recognition, measurement, presentation, and disclosure of insurance contracts.

Additionally, FAS 30, equivalent to IFRS 9, focuses on the classification, measurement, and impairment of financial instruments.

By implementing FAS 30, GIG Takaful aims to bolster its risk management practices and strengthen its financial position.

Commenting on this milestone achievement, Essam Al Ansari, CEO of GIG Takaful Bahrain, said: “We believe that this will further enhance our reputation as a leading provider of Islamic insurance and strengthen our position as a market leader in Bahrain.”