Finance Department ( TAKAFUL OPERATION)

1. 1.1 The Section in Finance Department

2. 1.11 Financial Reporting

2.1. Playing a major role in finance department

2.2. Takes raw accounting entries and transforms them into usable and comparable financial statements.

2.3. Responsible in preparing takaful’ operation’s four main components of financial statements, comprising income statement, statements of changes in owner’s equity, balance sheet and statements of cash flow.

2.4. Prepare internal financial reports that are used by managers for decision-making. The team also liaising with external auditors and ensuring that there are no gaps or oversights in existing processes.

3. Receives checks and prepare deposit slips

4. 1.13 Payment

4.1. To disburse the payment promptly on behalf of management of the organization

5. 1.12 Investment link Price (ILP) Administration

5.1. Calculate daily fund pricing for those funds that purchase through investment links products. After determining the price, the team will data entry into insurance system

6. 1.14 Account Reconciliation

6.1. 1.141 Bank Operation

6.1.1. Management of the organization’s cashflow and ensuring there are enough funds available to meet the day-to-day payments

6.2. 1.142 Account Receivable

6.2.1. Prints billing invoices daily and mails to customer. Prints monthly statements and sends to customers.

6.2.2. Communicates with customers regarding their billing and assists the Credit Manager with collections

6.3. 1.143 Account Payable

6.3.1. Process outgoing payments in compliance with financial policies and procedures.

6.4. 1.144 Tax Department

6.4.1. Prepare tax provisions schedules, returns, payments, reports and maintain a company's tax database

6.4.2. Find tax solutions to complicated tax issues or errors from incorrect tax filings. Identify legal tax savings and recommend ways to improve profits.

7. 1.2 Finance Management Structure

7.1. Depending on whether a takaful operation is small, medium, or large, the organizational structure of the financial department varies from one to the next.

8. What is Finance Department? - Managing all aspects of financial planning and management, including forecasting and budgeting, reporting and compliance, and value generation.

9. 1.3 Sharing Information from Finance

9.1. Property managers should request information from the finance department to help them make important strategic decisions

9.2. Prepares historical and current financial data to the actuarial for reserve projection of any products

9.3. Companies increasingly rely on their finance departments to do risk analysis and strategic planning prior to making investment decisions

9.4. Contribute to the management and improvement of operation

9.5. The organization's budgets and predictions will be created by the finance department in collaboration with management

10. 1.4 Conclusion

10.1. The Finance Department will provide analyses, suggestions, and information about financial matters to the Senior Management Team and Board of Directors to help them effectively carry out their financial management responsibilities