Takaful

Takaful is derived from the Arabic root word kafala; which means to take care of one’s need and the word Takaful itself means guaranteeing each other or joint guarantee.

According to Islamic Financial Services Act 2013 (IFSA), takaful means an arrangement based on mutual assistance under which takaful participants agree to contribute to a common fund providing for mutual financial benefits payable to the takaful participants or their beneficiaries on the occurrence of pre-agreed events.

AmMetLife Takaful Berhad (“AmMetLife Takaful”) is a strategic partnership between AMMB Holdings Berhad (“AmBank Group") and MetLife International Holdings, Inc. (“MetLife”). The strategic partnership combines the international expertise and financial strength of MetLife with the local strength and reach of AmBank Group.

AmMetLife Takaful offers a comprehensive range of takaful solutions distributed by its authorised takaful agents and AmBank branches nationwide. With our aim to provide excellent services, together with a deep and respectful knowledge of shariah principles and values, we aim to be a customer centric and modern takaful operator in Malaysia.

Protection/Coverage
The tabarru’ which is credited from the Participant Investment Fund (“PIF”) to the Participant Risk Fund (“PRF”) will be used to help Participants in the event of any misfortune.

Investment Profit
Payment of the contribution shall be allocated to the PIF after deducting the wakalah fee. The Operator will manage and invest the allocated contribution in shariah compliant securities. The profits from the investment performance will be retained in the PIF for the benefit of the participants.

Surplus
If at the end of the financial year there is net surplus in the PRF, it shall be distributed between the Participants and the Operator in the agreed ratio based on the type of Takaful plan, provided that the Participant has not incurred any claim and/or the Certificate Holder has not received any benefits payable under each type of cover under this certificate whilst it is in force.