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Sunday, 30 September 2007

BNM Syariah Council Yes To Distribution Of Surplus In Takaful Scheme

KUALA LUMPUR, Sept 25 (Bernama) -- Bank Negara Malaysia's (BNM) Syariah Advisory Council has ruled that the distribution of surplus from tabarru' fund in takaful scheme and the application of wakalah contract in deposit instrument are permissible from the syariah perspective.In a statement here today, BNM said the council's resolution would allow the distribution of surplus from tabarru' fund (for both family and general takaful plans) to the certificate holders."This is based on the premise that takaful contract is generally established on the syariah principles of tabarru' (donation) and ta'awun (mutual cooperation), apart from the agreement among the contracting parties," it said.BNM said in the formulation of takaful product, the principle of tabarru' has been the main underlying syariah principle, although the application of other principles such as wakalah and mudharabah also complemented the takaful operational structure.It said the council's resolution was also based on the permissibility of performance fee for the takaful company."Such a method of distribution is practised by several takaful companies in the Middle East," it said.On the application of wakalah bi al-istithmar (agency for investment) contract in deposit account, BNM said the council wanted the implementation of such contract to be carried out prudently to avoid any element of guarantee by the agent of investment returns.Wakalah bi al-istithmar, a syariah contract, was recently approved by BNM to be applied in deposit instruments.

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