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.