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  • Participants' Rights

    • Article (24) Sharing the Participants Accounts’ Surplus

      24.1After soliciting the opinion of the ISSC, the Company must establish the rules under which Participants share the surplus realized in the Participants’ Accounts, either collectively for all accounts or individually for each account subject to complete separation between the family Takaful insurance accounts and other accounts; and provided that Participants in one account may not share in the surplus realized in the other account.
      24.2The surplus in the Participants’ Accounts must be determined with the knowledge and approval of the Company's actuary.
      24.3The Company may retain a portion of the surplus to form a contingency provision to counter future contingent circumstances, in addition to the technical provisions stated for in the Law as well as the instructions issued thereunder.
      24.4The Company must not distribute profits to the shareholders from any surplus realized by the Participants’ Accounts, except for the consideration collected by the Company for managing such accounts as prescribed under the Participation Membership Policy or as an incentive in accordance with the Central Bank’s instructions in this regard.

    • Article (25) Participation in the General Assembly Meetings

      25.1After obtaining the approval of the competent authorities in the UAE, the Company must develop by-laws defining the eligible Participants who have the right to attend the Company's general assembly meetings of the Company. This must include setting the criteria to be met by the Participant to have the right to attend such meetings, either in terms of the size of his/her Contribution, the period of dealing with the Company, or other criteria. Such by-laws must be submitted to the Central Bank for approval.
      25.2The Participants mentioned in Article (25.1) must be invited to attend the said meetings via the approved method in this regard, and they should be provided with all documents presented to the general assembly.
      25.3The aforesaid Participants must have the right to attend and discuss matters arising. without having voting rights in the meetings.

    • Article (26) The Actuarial Report on Reviewing the Takaful Insurance Accounts

      A Participant in the Takaful Insurance Accounts must have the right to receive a copy of the Actuary’s report on reviewing the Takaful Insurance Accounts, and the Company must meet his/her request within ten business days.