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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > AA Auditors and Actuaries > AA-4 Actuarial Reports > AA-4.3A Role of Actuary in Takaful Firm > Certification of Wakala Fees > AA-4.3A.2
  • Certification of Wakala Fees

    • AA-4.3A.2

      Takaful firmsG must ensure their actuary certifies the Wakala fees being charged by the shareholder fund to the participants fund(s). The certified Wakala fee must also be approved by the Shari'a Supervisory Board.

      Added: April 2014

    • AA-4.3A.3

      The actuary must ensure that the contributions charged to the participants, must, at a minimum, cover the claims costs and Wakala fees.

      Added: April 2014

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