AL MADINA TAKAFUL ANNOUNCES WAKALA FEES FOR 2015

MUSCAT: Al Madina Takaful Co announced on Thursday the Wakala fees and Mudharaba percentage for the fiscal year ending December 31, 2015.

The company operating as the Wakeel of the policyholders fund proposed to charge Wakala fee on the net revenue of the company. The aggregate Wakala fee for the year 2015 shall be 20 per cent of the gross written contribution for all contributors’ in general takaful funds and family takaful funds, the company said in its filing to Muscat Securities Market.

Regarding Mudharaba percentage, Al Madina Takaful operating as the Mudharib of the policyholders fund will charge a Mudarib fee of 70 per cent of the net profits generated from the investment of the policyholders fund.

SOURCE: MUSCAT DAILY