We manage your contribution and our takaful operations based on the Shariah contract of wakalah, and guided by our Shariah committee.
The contributions you pay for cover under your certificate is subject to a wakalah fee.
We pay your contributions, less the wakalah fee, into our Participants’ Risk Fund (PRF) as tabarru’. Funds in PRF are used to pay the benefits to claimants who are entitled to it based on: the solidarity of brotherhood and cooperation among the participants, and subject to terms & conditions.
If the value of PRF is insufficient to pay the claims, then we will pay Qard which is an interest-free loan to PRF. In case of the good performance of the PRF, we will be rewarded 50% of the surplus as Ju’alah and the remaining 50% will be distributed to participants.