Common use of SURPLUS SHARING Clause in Contracts

SURPLUS SHARING. We will manage Your takaful contributions by charging a Wakalah Fee as approved by the regulatory authorities under the principle of Wakalah, and subsequently continue to be placed into Takaful fund through General Risk Investment Account (GRIA). If at end of the Period of Xxxxxxx stated in the Certificate Schedule attached to the Certificate, there is a net surplus in the GRIA, the net surplus shall be shared proportionately at 50:50 ratio among Us/the Takaful Operator and the Participants that have not incurred any claim and/or not received any benefits under the same class of risk as stated in the aforesaid Certificate Schedule whilst the Certificate is in force. 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 thirty percent (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 Your takaful contributions by charging a Wakalah Fee as approved by the regulatory authorities under the principle of Wakalah, and subsequently continue to be placed into Takaful fund through General Risk Investment Account (GRIA). If at end of the Period of Xxxxxxx stated in the Certificate Schedule attached to the Certificate, there is a net surplus in the GRIA, the net surplus shall be shared proportionately at 50:50 ratio among Us/the Takaful Operator and the Participants Certificate Holders that have not incurred any claim and/or not received any benefits under the same class of risk as stated in the aforesaid Certificate Schedule whilst the Certificate is in force. All retail Participants Certificate Holders 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 Certificate Holders who have not incurred any claims more than thirty percent (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 Your takaful contributions by charging a Wakalah Fee as approved by the regulatory authorities under the principle of Wakalah, and subsequently continue to be placed into Takaful fund through General Risk Investment Account (GRIA). If at end of the Period of Xxxxxxx stated in the Certificate Schedule attached to the Master Certificate, there is a net surplus in the GRIA, the net surplus shall be shared proportionately at 50:50 ratio among Us/the Takaful Operator and the Participants Certificate Holders that have not incurred any claim and/or not received any benefits under the same class of risk as stated in the aforesaid Certificate Schedule whilst the Master Certificate is in force. All retail Participants Certificate Holders 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 Certificate Holders who have not incurred any claims more than thirty percent (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 Your takaful contributions by charging a Wakalah Fee as approved by the regulatory authorities under the principle of Wakalah, and subsequently continue to be placed into Takaful fund through General Risk Investment Account (GRIA). If at end of the Period of Xxxxxxx stated in the Certificate Schedule attached to the Certificate, there is a net surplus in the GRIA, the net surplus shall be shared proportionately at 50:50 ratio among Us/Us / the Takaful Operator and the Participants Certificate Holders that have not incurred any claim and/or not received any benefits under the same class of risk as stated in the aforesaid Certificate Schedule whilst the Certificate is in force. All retail Participants Certificate Holders 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 Certificate Holders who have not incurred any claims more than thirty percent (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 Your takaful contributions by charging a Wakalah Fee as approved by the regulatory authorities under the principle of Wakalah, and subsequently continue to be placed into Takaful fund through General Risk Investment Account (GRIA). If at end of the Period of Xxxxxxx Takaful stated in the Certificate Schedule attached to the Certificate, there is a net surplus in the GRIA, the net surplus shall be shared proportionately at 50:50 ratio among Us/the Takaful Operator and the Participants that have not incurred any claim and/or not received any benefits under the same class of risk as stated in the aforesaid Certificate Schedule whilst the Certificate is in force. 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 thirty percent (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 Your takaful contributions by charging a Wakalah Fee as approved by the regulatory authorities under the principle of Wakalah, and subsequently continue to be placed into Takaful fund through General Risk Investment Account (GRIA). If at end of the Period of Xxxxxxx Takaful stated in the Certificate Schedule attached to the Master Certificate, there is a net surplus in the GRIA, the net surplus shall be shared proportionately at 50:50 ratio among Us/Us / the Takaful Operator and the Participants Certificate Holders that have not incurred any claim and/or not received any benefits under the same class of risk as stated in the aforesaid Certificate Schedule whilst the Master Certificate is in force. All retail Participants Certificate Holders 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 Certificate Holders who have not incurred any claims more than thirty percent (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.