Amana Takaful, Maldives’s first Islamic Insurance company has announced a 15% surplus for the first six months of 2020 for participants with no claims.
This is the highest surplus sharing since the company’s inception of surplus sharing in 2012.
Surplus Sharing refers to the excess of contributions over claims, plus investments return. Surplus sharing refers to the act of distributing the excess made among the participants of the Fund. The individual members contribute to an organized and well managed fund whose core objective will be for the welfare of the entire group. Thus the relationship is one of strength and togetherness.
Amana Takaful introduced Islamic insurance or ‘Takaful’ to Maldives in 2003.The word ‘Takaful’ originates from the Arabic word ‘Kafalah’, which means “guaranteeing each other”. The policyholders contribute collectively and mutually assist in order to share the harm or loss that may fall upon the group.The concept is in line with the principles of compensation, mutuality and co-operation, encompassing the elements of shared responsibility, joint indemnity, common interest and solidarity. It is in line with Sharia Law.