Common use of SURPLUS SHARING Clause in Contracts

SURPLUS SHARING. We will manage the participant’s Takaful contributions by charging a gross Wakalah Fee as approved by the regulatory authorities under the principle of Wakalah, and subsequently continue to be placed into the Takaful fund through General Risk Investment Account (GRIA). If at the end of the period of Xxxxxxx stated in the schedule attached to the certificate and have expired by end of the declared financial year, there is a net surplus in the GRIA, then the net surplus will be shared at the ratio of 50:50 between the participants and the Takaful Operator under the contract of Hibah. All retail participants who have not incurred any claims during the previous coverage period are eligible for surplus distribution. The certificates and contributions must be for one (1) year of Takaful period and have expired by end of the declared financial year. All corporate participants who have not incurred any claims more than 30% of the gross contribution during the previous coverage period are eligible for the surplus distribution. Certificates and contribution must be for one (1) year of Takaful period and have expired by end of the declared financial year. The eligibility and amount of the surplus to be distributed will be based on the recommendation made by our Signing Actuary and endorsed by Shariah Committee and Board of Directors.

SURPLUS SHARING. We will manage the participant’s Takaful contributions by charging a gross Wakalah Fee as approved by the regulatory authorities under the principle of Wakalah, and subsequently continue to be placed into the Takaful fund through General Risk Investment Account (GRIA). If at the end of the period Period of Xxxxxxx stated in the schedule attached to the certificate and have expired by end of the declared financial year, there is a net surplus in the GRIA, then the net surplus will be shared at the ratio of 50:50 between the participants and the Takaful Operator under the contract of Hibah. All retail participants who have not incurred any claims during the previous coverage period are eligible for surplus distribution. The certificates and contributions must be for one (1) year of Takaful period and have expired by end of the declared financial year. All corporate participants who have not incurred any claims more than 30% of the gross contribution during the previous coverage period are eligible for the surplus distribution. Certificates and contribution must be for one (1) year of Takaful period and have expired by end of the declared financial year. The eligibility and amount of the surplus to be distributed will be based on the recommendation made by our Our Signing Actuary and endorsed by Shariah Committee and Board of Directors.

SURPLUS SHARING. We The Takaful Operator will manage the participant’s Takaful contributions by charging a gross Wakalah Fee as approved by the regulatory authorities under the principle of Wakalah, and subsequently continue to be placed into the Takaful fund through General Risk Investment Account (GRIA). If at the end of the period of Xxxxxxx stated in the schedule attached to the certificate and have expired by end of the declared financial year, there is a net surplus in the GRIA, then the net surplus will be shared at the ratio of 50:50 between the participants and the Takaful Operator under the contract of Hibah. All retail participants who have not incurred any claims during the previous coverage period are eligible for surplus distribution. The certificates and contributions must be for one (1) year of Takaful period and have expired by end of the declared financial year. All corporate participants who have not incurred any claims more than 30% of the gross contribution during the previous coverage period are eligible for the surplus distribution. Certificates and contribution must be for one (1) year of Takaful period and have expired by end of the declared financial year. The eligibility and amount of the surplus to be distributed will be based on the recommendation made by our Our Signing Actuary and endorsed by Shariah Committee and Board of Directors.