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Motor Takaful Scheme rate increases to 15 per cent

Lyna Mohamad

Takaful Brunei Am Sdn Bhd (TBA) announced that as of April 1, the Hibah rate (renewal gift) has increased from 10 per cent to 15 per cent for their Motor Takaful Scheme.

This increment applies to customers participating in TBA’s Private Motor Takaful Third Party coverage, Comprehensive Classic, Executive and Prestige coverage packages.

Hibah comes from the underwriting surplus, which in turn is derived from the Tabarru’ (Takaful fund), after the deduction of any claims and other expenses where this underwriting surplus will be given as a Hibah upon renewal, with the condition that no previous claims were made by the participant.

TBA customers can benefit by adding further discounts on their contribution upon their Takaful renewals.

Hibah distribution is based on the consistency of the Takaful funds as a result of efficient underwriting, claims and asset management practices by TBA and is permissible under Syariah principles, with certain terms and conditions.