Skip to main content
Entire section Custom print Text Only Rich Text Print

Article (24) Accounts for Other Takaful Insurance Types and Classes

  1. One or more accounts called (Takaful Participant Account) shall be opened in the company per the non-family Takaful insurance types and classes. Accrued participations shall be recorded in such account(s), in addition to the investment revenues realized from investing the funds accumulated in the said account(s).
     
  2. Due compensations and benefits from the participants' Takaful account shall be paid in accordance with the terms and conditions of Takaful insurance policies.
     
  3. Inputs and outputs of such account(s) shall be determined in accordance with the company-established accounting rules which should be consistent with the insurance transactions accounting rules amended in accordance with Takaful insurance principles. A copy of such rules shall sent to the Insurance Authority after having same approved by the Shariah Supervision Committee.
     
  4. The assets of the participants' account should be completely separate from the company's assets, and should not include the deposit required in accordance with Article (42) of the Law.