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ISLAMIC BANKING | Cesar Tordesillas, Malaysia
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Takaful Malaysia pays RM578,000 profit-sharing to university

Takaful Malaysia paid Mudharabah profit-sharing totalling RM578,000 to Universiti Kebangsaan Malaysia for their Group Takaful Scheme.

The scheme expired in financial year 2010.

The profit was given under Group Medical Takaful and Group Term Family Takaful packages subscribed by UKM.

Noraini Yusof, Assistant General Manager for Direct Corporate, Treasury and Branch Sales, said the company was the first to provide Takaful contract based on Mudharabah business model to all its participants.

Since 1984, Takaful Malaysia paid out an average of 15 per cent no-claim rebate with the average of RM18 million cash rebate every year, she said.

"Until now, 5,887 multinationals and small and medium enterprises have benefited from the cash rebates," she said in a statement.

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