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Risk Fund definition

Risk Fund means a pool of fund based on the concept of Tabarru’ providing mutual protection and indemnity among the Takaful Participants.
Risk Fund means a pool of fund based on the concept of Tabarru' providing mutual protection and indemnity among the Takaful
Risk Fund means a pool of funds for the purposes of mutual assistance, solidarity, brotherhood and for the mutual benefits of all Participants. 100% of gross contribution paid by the Participant, net of Wakalah Fees shall be allocated todeemed to have occurred upon any claim payment made in respect of fellow Participants and incurrence of reserves, Retakaful cost as well as other costs as approved by the Shariah committee of the Operator with the remaining balance to be managed according to the terms and conditions ofthis Takaful Certificate.

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.

Related to Risk Fund

  • Risk Factors The Mortgage Loans," and "Description of the Mortgage Pool--General," "--Mortgage Loan History," "--Certain Terms and Conditions of the Mortgage Loans," "--Assessments of Property Condition," "--Co-Lender Loans," "--Additional Mortgage Loan Information," "--Twenty Largest Mortgage Loans," "--The Mortgage Loan Sellers," "--Underwriting Standards," and "--Representations and Warranties; Repurchases and Substitutions." The "Specified Portions" of the Memorandum shall consist of the Specified Portions of the Prospectus Supplement and the first and second full paragraphs on page "iii" of the Memorandum.

  • General Account consists of all our assets other than those held in any separate investment accounts.

  • At-risk student means any identified student who needs additional support and who is not meeting or not expected to meet the established goals of the educational program (academic, personal/social, career/vocational). At-risk students include but are not limited to students in the following groups: homeless children and youth, dropouts, returning dropouts, and potential dropouts.

  • Risk means the combination of the probability of occurrence of harm and the severity of that harm;

  • Public fund means the state treasurer or a retirement system.

  • Endowment fund means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use.

  • Fundserv means the facility maintained and operated by Fundserv Inc. for electronic communication with participating companies, including the receiving of orders, order match, contracting, registrations, settlement of orders, transmission of confirmation of purchases, and the redemption of investments or instruments.

  • Merchant Account means the merchant account facility agreed between you and the Merchant Acquiring Bank.

  • Mutual Fund or “Fund” or “UTIMF” means UTI Mutual Fund, a Trust under the Indian Trust Act, 1882 registered with SEBI under registration number MF/048/03/01 dated January 14, 2003.

  • Trust Account means the trust account established by the Company upon the consummation of its IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of warrants simultaneously with the closing date of the IPO, will be deposited.

  • Investment Fund has the same meaning as in National Instrument 81-106 Investment Fund Continuous Disclosure;

  • Trust Fund The trust fund established by the Trust Agreement, the assets of which consist of the Mortgage Loans and any other assets as set forth therein. Trustee: U.S. Bank National Association, or any successor in interest, or if any successor trustee or co-trustee shall be appointed as provided in the Trust Agreement, then such successor trustee or such co-trustee, as the case may be.

  • Program fund means the program fund created under Section 53B-8a-107,

  • Private Fund means an issuer that would be an investment company as defined in section 3 of the Investment Company Act of 1940 but for Section 3(c)(1) or 3(c)(7) of that Act.

  • Settlement Fund means the Settlement Amount plus any and all interest earned thereon.