Ayady Takaful, the Islamic division of Allied Insurance Company, is currently accepting applications from eligible individuals for the surplus distribution for 2021. The board of Allied Insurance decided to allocate the surplus, determined by the total profit of the Takaful Fund, as announced on November 22, 2023.
Surplus Distribution Process
Ayady Takaful operates its General Takaful based on the litigation model, a Sharia-compliant framework. Participants contribute to the Takaful Plan by retaining the remaining amount in the “participant’s fund” after deducting the litigation fee, which is then directed to Ayady Takaful’s ‘Takaful Operator’ fund. This fund covers necessary operational expenses. In case of losses, participants are reimbursed using the funds held in their respective participants’ accounts.
The surplus is generated by taking funds deposited by customers for Takaful participation, deducting associated expenses directly from the established ‘Participants’ Fund/Takaful Fund’—including compensation and re-Takaful costs. The remaining amount is invested as a risk fund for participants, and any leftover funds at the year-end are referred to as “benefits from participants’ funds.”
Eligibility and Application
Individuals who have not submitted a claim in the year ‘2021’ are eligible for surplus distribution. Eligible applicants can apply for surplus through the Ayady Takaful website or by visiting the Customer Front Office. To facilitate the process, applicants must visit the Allied Web Portal (MyAllied) and access the ‘Check Surplus Eligibility’ tab. Bank account details can be verified at the Customer Front Office at H. Orchid, Ameer Ahmed Road.
Individuals can contact the helpline at number 1600 for further assistance or clarification.
Certificate owners needing to change the existing shared account for surplus funds can update their information through the MyAllied web portal or the Allied Mobile App.
The deadline for surplus applications is January 21, 2024, before 1600 hrs.