Glossary

An Account and Accounting Unit independent of the Shareholders Fund. The revenues due to the Fund are listed therein as per the provisions of Article (40) of the Executive Regulations of the Takaful Insurance Law. Outward Payments are disbursed under the provisions of Article (43) of the regulation; it consists of two independent accounting funds for each branch of Takaful insurance licensed to the company.

An Account and Accounting Unit independent of the Participants Fund that includes the rights and obligations of the company capital. This account does not include the proceeds of contributions, surplus or investment returns of the Participants Fund or any of the sub-funds emanating therefrom or any of its divisions.

An independent body of jurists specialized in the jurisprudence of Islamic financial transactions and specialists in Takaful insurance responsible for setting the legal rules regulating the company’s activities, whose decisions are binding

A financial loan compatible with the principles of Islamic Sharia in which the Shareholders Fund lends to one of the sub-funds of the Participants Fund in the event of its inability to fulfill its financial obligations after the approval of the company Board of Directors, the Sharia Supervisory Committee and the Appointed Actuary.

The sum of contributions, reserves and profits minus the sum of expenses and compensation paid or payable during the year

A contract under which the participant appoints the company on his behalf to manage and operate the Participants Fund by practicing Takaful insurance activities, paying benefits and compensation in consideration of the agency fees

A fee or percentage of the subscription to the Participants Fund.

A contract under which the participant, as the investor 'Capital Holder,' appoints the company as a Managing Trustee 'Mudareb' to manage and operate the Participants Fund. This is done by practicing Takaful insurance activities, paying benefits and compensation and investing in consideration of a specific percentage of return called the 'Mudaraba Share'

It is a type of insurance based on the concept of partnership, social solidarity and joint responsibility consistent with the provisions of Islamic Sharia. It is based on the participation and solidarity of a group of people to confront specific potential risks by paying cash contributions to the Shareholders Fund to be used to compensate the injured person in the event of the risk insured against occurring. This Fund is managed by the Takaful Operator (the company) in accordance with the directives of the Sharia Supervisory Committee.