Business Takaful

Source: Press Release, 31st March 2008

Kuala Lumpur: Syarikat Takaful Malaysia Berhad (Takaful Malaysia) today announced a 10% Mudharabah payment for participants of its General Takaful products. Qualified participants or holders of certificates will be entitled to 10% of their adjusted net contribution as their share of the surplus sharing from the General Takaful fund.

Mudharabah payments will be made to those participants holding General Takaful Certificates that have expired on or after 1st March 2007 to 31st December 2007 with no claims being made against the certificates and provided that all payments of the contributions have been fully paid for the year concerned. The company will make subsequent declarations of Mudharabah payments for policies expiring after December 31, 2007.

Dato’ Hassan Kamil, the Group Managing Director of Takaful Malaysia explained, “The Mudharabah amount declared is based on the surplus position of the General Takaful Fund. For this Mudharabah payment declaration, the calculated surplus is adequate for distribution for the certificates that expired on or after 1 March 2007 to 31 December 2007.”

With the implementation of Takaful Malaysia’s new system and the re-engineering of its business processes, future payments for Mudharabah will be smoother. The Mudharabah feature offered by Takaful Malaysia is not practiced by any other Takaful operators in Malaysia. This is one added advantage that Takaful Malaysia offers its customers to share some of the surplus in the fund, added Dato’ Hassan.

He also added, “We also would like to update the profile of our customers since we have adopted a new operating system. Now, we have one integrated system as oppose to having several stand-alone systems previously. Participants should check and update their profiles at our offices or visit our website to download the customer profile forms. This exercise will enable the prompt payment of the Mudharabah to all eligible participants”.