Kuala Lumpur, 31st March: Syarikat Takaful Malaysia Berhad (“STMB”) today announced a 10% Mudharabah payment for participants of its General Takaful products. Qualified participants or holders of certificates will be entitled to 10% of their adjusted net contribution as their share of the surplus sharing from the General Takaful fund.
Mudharabah payments will be made to those participants holding General Takaful Certificates that have expired on or after 1st March 2007 to 31st December 2007 with no claims being made against the certificates and provided that all payments of the contributions have been fully paid for the year concerned. The company will make subsequent declarations of Mudharabah payments for policies expiring after December 31, 2007.
Dato’ Hassan Kamil, the Group Managing Director of STMB explained, “The Mudharabah amount declared is based on the surplus position of the General Takaful Fund. For this Mudharabah payment declaration, the calculated surplus is adequate for distribution for the certificates that expired on or after 1 March 2007 to 31 December 2007.”
With the implementation of STMB’s new system and the re-engineering of its business processes, future payments for Mudharabah will be smoother. The Mudharabah feature offered by STMB is not practiced by any other Takaful operator in Malaysia. This is one added advantage that STMB offers its customers to share some of the surplus in the fund, added Dato’ Hassan.