Skip to main content
Entire section Custom print Text Only Rich Text Print

Article (25) Sharing in the Participant Accounts' Surplus

  1. After soliciting the opinion of the Shariah Supervision Committee, the company shall establish the rules under which participants shall share in 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 the accounts of other insurance types and classes; and provided that participants in one account may not share in the surplus realized in the other account.
     
  2. The surplus in the family Takaful insurance account shall be determined with the knowledge and approval of the company's actuary.
     
  3. The company may retain a portion of the surplus to form a contingency provision to counter future contingent circumstances, in addition to the technical provisions provided for in the Law.
     
  4. The company may 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 Takaful insurance participation policy.