Risk Fund definition

Risk Fund means a pool of fund based on the concept of Tabarru’ providing mutual protection and indemnity among the Takaful Participants.
Sample 1Sample 2Sample 3
Risk Fund means a pool of fund based on the concept of Tabarru' providing mutual protection and indemnity among the Takaful Participants.
Sample 1
Risk Fund means a pool of funds for the purposes of mutual assistance, solidarity, brotherhood and for the mutual benefits of all Participants. 100% of gross contribution paid by the Participant, net of Wakalah Fees shall be allocated todeemed to have occurred upon any claim payment made in respect of fellow Participants and incurrence of reserves, Retakaful cost as well as other costs as approved by the Shariah committee of the Operator with the remaining balance to be managed according to the terms and conditions ofthis Takaful Certificate.
Sample 1

Examples of Risk Fund in a sentence

  • Such loan would be a first charge against the future surplus arising from the Risk Fund.

  • If there is a deficit in the Risk Fund due to the Company's negligence, then it is the responsibility of the Company to ensure that the fund is stable through outright transfer method and not deemed as an advance through the Qard.

  • Any deficit in the Risk Fund would be met through an interest free loan (Qard) from the Shareholders’ Fund.

  • Any net distributable surplus arising (after deducting the SAC) from the Risk Fund will be allocated in full (100%) to the Takaful Participant.

  • If the amount due to Takaful Participant is less than the threshold, the amount shall either be retained in the Risk Fund or donated to charity on behalf of the Takaful Participants.

  • At each financial year-end, the Actuary will assess the surplus position of the Risk Fund, to preserve long term sustainability of the fund.

  • Any net distributable surplus arising (after deducting the SAC) from the Risk Fund will be allocated in full (100%) to the Participant.

  • Takaful Contribution allocated by the Takaful Participant as shown in the Schedule shall be placed in the Ta’awuni Account Pool (TAP) at inception to pay Wakalah Fee to Shareholders’ Fund and Tabarru’ to Risk Fund.

  • The Company will charge a Surplus Administration Charge (SAC) of 50% of the gross distributable surplus arising from the Risk Fund at the end of the financial year.

  • If the amount due to Participant is less than RM10 per Certificate, the amount shall be retained in the Risk Fund.

Related to Risk Fund

  • General Account consists of all our assets other than those held in any separate investment accounts.

  • Endowment fund means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use.

  • Fundserv means the facility maintained and operated by Fundserv Inc. for electronic communication with participating companies, including the receiving of orders, order match, contracting, registrations, settlement of orders, transmission of confirmation of purchases, and the redemption of investments or instruments.

  • Mutual Fund or “Fund” or “UTIMF” means UTI Mutual Fund, a Trust under the Indian Trust Act, 1882 registered with SEBI under registration number MF/048/03/01 dated January 14, 2003.

  • Trust Account means the trust account established by the Company upon the consummation of its IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of warrants simultaneously with the closing date of the IPO, will be deposited.

  • Investment Fund has the same meaning as in National Instrument 81-106 Investment Fund Continuous Disclosure;

  • Trust Fund The trust fund established by the Trust Agreement, the assets of which consist of the Mortgage Loans and any related assets. Trustee: U.S. Bank National Association or any successor in interest, or if any successor trustee or co-trustee shall be appointed as provided in the Trust Agreement, then such successor trustee or such co-trustee, as the case may be. Any capitalized terms used and not defined in this Agreement shall have the meanings ascribed to such terms in the Trust Agreement.

  • Mutual Funds means (i) all open-end mutual funds; and (ii) similar pooled investment vehicles established in non-U.S. jurisdictions, such as registered investment trusts in Japan. For purposes of the Code, Mutual Fund does not include shares of open-end money market mutual funds (unless otherwise advised by Compliance).

  • Sub-Fund means a segregated pool of assets and liabilities into which the Trust Fund is divided, established under the Trust Deed and the relevant supplemental deed as a separate trust as described in the relevant Appendix.