Allied Insurance Company’s Islamic window, Ayady Takaful, has announced the distribution of surplus for the year 2021. The board of directors at Allied Insurance decided to distribute the surplus for 2021 based on the total profit of the Takaful Fund, the company said on Thursday.
The general takaful provided by Ayady Takaful is based on the ‘Wakala’ model, a Shariah-compliant transaction where participants pay their contributions to Ayady Takaful’s Takaful plan; whereby, except for deducted fees, the remaining amount goes into a “Participants Fund.” The fees charged are accumulated in the Takaful Operator Fund, and these funds are used to cover the expenses incurred in running Ayady Takaful. Any losses incurred by the participants are compensated through the Participants Fund.
The term ‘surplus’ refers to the contributions remaining in the Participants Fund after compensation and is also referred to as the ‘profit from the participants fund.’ As such, those who have taken one of the services designated for surplus payment and have not made a claim for compensation in the year 2021 will be eligible for their surplus payment.
The surplus will be deposited into the bank accounts of eligible applicants. To verify the bank account of the individuals and ensure that they are a surplus participant, policyholders can visit the “Check Surplus Eligibility” tab on the Allied web portal, (MyAllied) or use the Allied Mobile App, visit Allied’s Customer Front Office or call the Customer Care to check for eligibility or to change the current contribution account to deposit surplus funds in.
Holders of certificates taken as a single participant can update their information on the MyAllied web portal and Allied mobile app.
The deadline for submitting applications for the surplus is 21 January 2024, before 4 pm. Application forms are available on the Ayady Takaful website and at the Customer Front Office.
If customers do not wish to submit the form, they can also apply for the surplus through the MyAllied online portal. Those who are eligible for the 2021 surplus but do not apply will be refunded the funds as per the prescribed procedures.