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 net distributable surplus arising (after deducting the SAC) from the Risk Fund will be allocated in full (100%) to the Takaful Participant.
Any deficit in the Risk Fund would be met through an interest free loan (Qard) from the Shareholders’ Fund.
Classification-Specific Requirements In addition to the General Requirements of the policy and the preceding Requirements for Monitored Employees, ADM, Investment, Insider Risk, Fund Service, Fund Officer, and PREG Employees must also adhere to the requirements of their assigned classification(s).
At each financial year-end, the Actuary will assess the surplus position of the Risk Fund, to preserve long term sustainability of the fund.
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.
In the event of insufficient balance in Risk Fund (RF) to pay your Takaful Benefits during the period of Takaful, We will make good the balance in the RF under the principle of Qard (loan) provided that the insufficiency is not due to Our negligence.
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.