Takaful Operator creates a Waqf Fund.
Participants contribute their contributions on the basis of “Taburru” into this Waqf Fund.
The Waqf Fund is responsible to help those out in times of their needs (Takaful claims are paid through Waqf Fund).
Surplus in Waqf Fund (if any) is distributed amongst participants at the end of every year.
Takaful Operator invests the Waqf fund and gets Mudharib Share under Mudharaba Model from Profit of Waqf andpredetermined Wakalat ul Istismar fee (Investment Management Fees) on the net assets of Participants Investment Account (PIA) value or combination thereof.