Examples of Risk Fund in a sentence
Such loan would be a first charge against the future surplus arising from the Risk Fund.
If there is a deficit in the Risk Fund due to the Company's negligence, then it is the responsibility of the Company to ensure that the fund is stable through outright transfer method and not deemed as an advance through the Qard.
Any deficit in the Risk Fund would be met through an interest free loan (Qard) from the Shareholders’ Fund.
Any net distributable surplus arising (after deducting the SAC) from the Risk Fund will be allocated in full (100%) to the Takaful Participant.
If the amount due to Takaful Participant is less than the threshold, the amount shall either be retained in the Risk Fund or donated to charity on behalf of the Takaful Participants.
At each financial year-end, the Actuary will assess the surplus position of the Risk Fund, to preserve long term sustainability of the fund.
Any net distributable surplus arising (after deducting the SAC) from the Risk Fund will be allocated in full (100%) to the Participant.
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.
The Company will charge a Surplus Administration Charge (SAC) of 50% of the gross distributable surplus arising from the Risk Fund at the end of the financial year.
If the amount due to Participant is less than RM10 per Certificate, the amount shall be retained in the Risk Fund.