Takaful Contribution definition

Takaful Contribution means any amount the Company requires the Takaful Participant to pay to participate in a Takaful plan.

Takaful Contribution means the money payable by the Takaful Participant to the Company for the Takaful coverage provided under this Takaful Certificate which includes any remuneration for the functions and duties assumed by the Company in the amount as stated in the Takaful Certificate Information Page.

Takaful Contribution means the amount payable by a certificate owner to a takaful operator under a takaful certificate and includes any remuneration for the functions and duties assumed by the takaful operator.

Examples of Takaful Contribution in a sentence

• The Takaful Participant agrees to pay the Takaful Contribution in accordance with the Schedule.

• 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.

• Payment of the Takaful Contribution paid by the Takaful Participant as shown in the Schedule shall be placed in the GRIA where the Company will manage according to the Wakalah principle as defined by the Company and in accordance with Shariah principles.

• Payment of the Takaful Contribution paid by the Participant as shown in the Schedule shall be placed in the GRIA where the Company will manage according to the Wakalah principle as defined by the Company and in accordance with Shariah principles.

• If this condition is not complied with then this contract is automatically cancelled and the Company shall be entitled to the pro rata Takaful Contribution on the period they have been on risk.

• The Company will charge up to 40% of the Takaful Contribution as an upfront Wakalah fee and the balance shall be allocated into the Risk Fund at inception for Tabarru’ charges and be used to help other Takaful Participants in time of misfortune.

• This Takaful Certificate may be cancelled at any time at the request of the Takaful Participant, in which case the Company will refund the pro rata Takaful Contribution for the unexpired period of cover.

• In the event of non-payment of Takaful Contribution, the outstanding Takaful Contribution will be deducted from the amount of settlement of which the benefit amount shall be lesser than the sum covered stipulated in the Schedule.

• The Company will manage the TAP according to the Wakalah principle as defined by the Company and in accordance with the Shariah principles The Company will charge up to 40% of the Takaful Contribution as an upfront Wakalah fee and the balance shall be allocated into the Risk Fund at inception for Tabarru’ charges and be used to help all Takaful Participants in time of misfortune.

• TAKAFUL CONTRIBUTION ALLOCATION 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.

More Definitions of Takaful Contribution

Takaful Contribution means any amount the Company requires the Person Covered to pay to participate in a Takaful plan.

Takaful Contribution. The amount stated in the Takaful Certificate/SchedmIe (Premimm) paid by the Participant to the Company, as a consideration for taking the Takaful Policy. General Takaful Fund (GTF): is a collective pool established by the Company in accordance with the Shariah Principles with the pmrpose of providing coverage for mmtmaI benefits of its participants. The Contribution to the GTF is considered as Tabarru (donation). The GTF is therefore a pool of money out of which indemnity as claimed by any of the participants are paid. It also accounts for investment gains and losses, less any contribution paid towards retakaful and cost of acquisition of business. The assets of GTF are invested in accordance with Shariah Principles, avoiding interest bearing and prohibited securities. All costs, expenses, charges and levies for maintaining and investing the assets are borne by GTF. The assets and liabilities of this fund are kept separate from the assets and liabilities of the Company.

Takaful Contribution means the total takaful contribution payable to the takaful providers approved by the Bank in respect of Takaful Mortgage Plan and/or Long-term Houseowner’s Takaful to be taken out on the Property; and