Takaful: Amana Takaful distributes surplus to policyholders
ICMIF member Amana Takaful, Sri Lanka, recently announced a payment of surplus to its general insurance customers. This means Takaful policyholders will receive a proportionate rate from the surplus of the risk fund. Non-claimant Takaful policyholders will receive their share of the surplus amounting to 12.5% of the residual portion of the Risk Fund shortly, according to Fazal Ghaffoor, Chief Executive Officer of Amana Takaful. As opposed to conventional insurance the Takaful concept not only benefits claimants but also takes care of non-claimants. Non-claimants receive a proportionate share of the surplus from the risk fund at the end of a defined period.