In line with international and local developments in the practice of Islamic financial protection services, Takaful IKHLAS has adopted the Wakalah contract as our system and have modelled our operations accordingly. Wakalah is a form of representative relationship between Takaful IKHLAS and a participant (Principal/Customer).
Takaful IKHLAS employs the following contracts to govern our business:
Tabarru’ is a contract where the participant agrees to donate a pre-determined percentage of contribution to the Risk Fund to provide assistance to fellow participants.
Wakalah is a contract where the participant authorises Takaful IKHLAS to conduct the affairs of Takaful business i.e providing protection, investment etc. on his/her behalf.
Takaful IKHLAS Model allows the use of intermediaries as a medium to better serve the customers’ needs, payment of surpluses and profits, where applicable to participants and calculation of shared benefits on a monthly basis.
Note:
For General Takaful, all contributions, net of Expense Fund (EF), in the GRIA is dripped for Tabarru' at the onset into the Risk Fund (RF) and Special Fund (SF). Any investment income in the Risk Fund (RF) and Special Fund (SF) shall be allocated back into the Risk Fund (RF) and Special Fund (SF), respectively. In this instance, IKHLAS will not charge an investment Performance Fee (%). Net surplus distribution will be allocated and administered on an annual basis
Source: Takaful Ikhlas Malaysia
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