Examples of Tabarru’ in a sentence
In the context of the Company, Tabarru’ will be allocated into the Participants’ Risk Fund.
Takaful Contribution allocated by the Takaful Participant as shown in the Schedule shall be placed in the Ta’awuni Account Pool (TAP) at inception to pay Wakalah Fee to Shareholders’ Fund and Tabarru’ to Risk Fund.
If there is no renewal on this Takaful Certificate, the Participant further agrees that there is no underwriting surplus shall be distributed to the Participant and it shall be made as Tabarru’ in the General Takaful Fund for the benefits of the takaful participants and the General Takaful Fund itself.
The Wakalah Fee is as follows: Tabarru’This plan also applies the Tabarru’ concept, whereby the Participants agree to donate or contribute their contributions to the General Takaful Fund for the purpose of mutual aid and assistance to the Participants, in case of need.
The Company will manage the TAP according to the Wakalah principle as defined by Us and in accordance with the Shariah principles We will charge up to 30% of the Takaful Contribution as an upfront Wakalah fee and the balance shall be allocated into the Risk Fund at inception for Tabarru’ charges and be used to help all Takaful Participants in time of misfortune.