Allied Insurance's Islamic window, Ayadi Takaful has announced the distribution of surplus for the year 2020.
Eligible customers are invited to apply for the surplus which is the amount left over after deducting direct Takaful-related expenses from the established Takaful Fund after depositing contribution money by customers to participate in Takaful, which is invested as the risk fund and remains excess in the fund at the end of the year. Takaful-related expenses include compensation and re-takaful.
Ayadi Takaful said customers will be eligible for a surplus as a general rule if they have not applied for compensation within the stipulated period. Ayadi Takaful said the surplus will be deposited into the bank account of the person who has entrusted it to the company.
The deadline for submitting applications for surplus is January 13, 2023.