Allied Insurance Maldives has, through their Islamic insurance window, Ayady Takaful, announced that they have set a record for the 2019 surplus distribution for their customers, with an impressive MVR1.52 million distributed for their customers.
Those who were eligible for the shares have now been given the opportunity to apply since the 28th of April this year. According to Allied, 2,389 customers are eligible, including home contractors, all risk, fire, motor and hull, travel, Hajj and Umrah Takaful, as well as cargo Takaful customers. It is also important to understand how the surplus distribution works as well.
Customers would deposit contributing money into the “participants’ fund”, from which any investments relative to the Takaful expenses such as remedies and ‘re-takaful’ would be taken, and the remainder is then invested in a risk fund, which at the end of the year, constitutes the participants’ fund, and in this case, the surplus amount.
The general Takaful follows the Shariah law of Wakala. When customers invest in the Takaful, the Wakala fee is expended and the remaining amount is saved in the participants’ fund. Of course, all of this is done with the consent and approval of the customers. The Wakala fund is overseen by the Takaful Operator Fund, which will be spent on the Takaful expenses required to run the insurance itself.
Those who are eligible for the surplus are required to submit their applications and the fund will be deposited to their bank account, which has been verified by whichever company that they are under the employment of. Those who are applying beyond a company mediation can verify their bank account via the Allied Mobile Application and web portal.
Customers can clarify their eligibility from the Takaful’s customer front office at H.Orchid, Ameer Agmed Magu, or by simply calling 1600. The assistance of the call centre is further extended via mobile messaging platforms such as Viber and Facebook Messenger, where the customer can submit their ID number to clarify any required information.