Takaful Contribution definition

Takaful Contribution means any amount the Company requires the Takaful Participant to pay to participate in a Takaful plan.
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Takaful Contribution means the amount payable by a takaful participant to a takaful operator under a takaful certificate and includes any remuneration for the functions and duties assumed by the takaful operator.
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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.
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Examples of Takaful Contribution in a sentence

  • 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.

  • 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.

  • 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.

  • 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.

  • The Takaful Participant is required to pay an additional pro-rata Takaful Contribution based on the amount of loss calculated from the date of loss to the expiry of the Period of Takaful.

  • If default be made in the payment of Takaful Contributions for this Takaful Certificate, the subsequent acceptance of a Takaful Contribution by the Company or by its duly authorized agents shall reinstate the Takaful Certificate, but only to cover losses resulting from Accidental injury thereafter sustained.

  • The Takaful Contribution or renewal Takaful Contribution shall thereupon be adjusted and the difference paid or by allowed to the Takaful Participant.

  • It is hereby declared and agreed that in the event of any claim sustainable under the Takaful Certificate, the sum covered in respect of the item against which payment is made is reinstated upon payment of the appropriate additional Takaful Contribution to the Company until the expiry date of the Takaful Certificate.

  • If any part of the Takaful Contribution or renewal Takaful Contribution is calculated on estimates furnished by the Takaful Participant, the Takaful Participant shall keep an accurate record containing all relevant particulars and shall allow the Company to inspect such record.


More Definitions of Takaful Contribution

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

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • In-kind contribution means a contribution of goods or services received by a candidate committee, joint candidates committee, political committee, continuing political committee, political party committee, or legislative leadership committee, which contribution is paid for by a person or entity other than the recipient committee, but does not include services provided without compensation by an individual volunteering a part of or all of his or her time on behalf of a candidate or committee.

  • Annual Contribution means the annual payment to the Fund made by each Member in return for Coverage by the Fund for a Fund Year;

  • Rollover Contribution means any rollover contribution to the Plan made by a Participant as may be permitted under Article V.

  • Matching Contribution means an employer contribution made to this or any other defined contribution plan on behalf of a participant on account of an Employee Contribution made by such participant, or on account of a participant's Elective Deferral, under a plan maintained by the employer.

  • Company Contribution Amount means, for any one Plan Year, the amount determined in accordance with Section 3.5.

  • Accumulated contributions means the sum of all