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| 1. When will I get my surplus? |
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For each certificate, you may potentially receive two surplus payments:
- An interim surplus payment on expiry of the certificate, and:
- A final surplus payment may be paid after the end of the financial year following the expiry of the certificate.
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| 2. How is the surplus sharing calculated? |
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To calculate your share of the surplus, we will do the following:
- If you did not make any claims or cancel your certificate during the Takaful period, then;
- We will deduct the relevant Wakalah fees from your annual contribution, to obtain your annual tabarru’;
- The annual tabarru’ amount will then be pro-rated for the relevant period your certificate has been in force for surplus distribution;
- Your share of the surplus will then be calculated in the ratio of your pro- rata tabarru’ to the total pro- rata tabarru’ for all the eligible certificates.
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3. Can I use the surplus distribution to offset the contribution to renew my
policy/certificate? |
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| The surplus you are entitled to is your money. At HSBC Amanah Takaful, we prefer to let you - the customer - decide how best to use your money. For this reason, the surplus distribution mechanism is deliberately kept separate from the renewal contribution process. |
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| 4. If I make a claim, will I still be entitled to the surplus distribution? |
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| As long as your claim is proportionately less than the tabarru’ collected in respect of the certificate, you may be eligible for surplus distribution. |
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| 5. If I surrender my certificate for any reason, will I still be entitled to surplus distribution? |
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| Certificates that are surrendered do not qualify for surplus distribution. |
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| 6. Which investment vehicle was used to generate the surplus for my product? |
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| The surplus at any financial year-end is derived largely from claims charged on the Fund being less than the tabarru’ collected in respect of the contracts registered in the Fund. The monies in the Fund may be temporarily placed in shariah compliant investment vehicles such as mudharabah investment accounts, government securities and sukuk. Hence, the investment income earned from the placement of the Fund with several investment vehicles also contributes to the surplus for your product. |
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| 7. Will there be any notification to participants on the surplus declared? |
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| We will notify those participants who are eligible to receive the surplus. |
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| To find out more, please call 1-800-88-9659. |
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