Takaful Malaysia Declares 10% Mudharabah

It has been 1 years plus since I moved to Takaful Malaysia, after hearing that they have profit sharing for a number of their insurance. This is great, since it is the only Insurance scheme that offers dividends/ profit sharing for general insurance, and on top of that, they declared more then 10% the year back. The theory behind this is I believe, due to the fact Takaful Malaysia does not use agents for selling and collecting insurances, therefore this savings can be passed on to the consumer. Note we have to go directly to Takaful Offices to renew, and yes, no free umbrella. :) But if I get the 10%, it'll probably be worth more then a few umbrellas, hopefully in cash, or a deduction in my premium
So I have been waiting for my chance and turn, but the wait was quite long. Just a couple of days ago, I was contemplating to change my Motor Insurance to another Insurance / Takaful, since at least I get a free umbrella. :(

Takaful Malaysia had been quiet for sometime due to a re-org and system change. And I was growing impatient.
However, I just read in the Star today, that they are declaring 10% Mudharabah for all General Takaful.
Details from Takaful Malaysia Website
"Kuala Lumpur, 31st March: Syarikat Takaful Malaysia Berhad (“STMB”) today announced a 10% Mudharabah payment for participants of its General Takaful products. Qualified participants or holders of certificates will be entitled to 10% of their adjusted net contribution as their share of the surplus sharing from the General Takaful fund.
Mudharabah payments will be made to those participants holding General Takaful Certificates that have expired on or after 1st March 2007 to 31st December 2007 with no claims being made against the certificates and provided that all payments of the contributions have been fully paid for the year concerned. The company will make subsequent declarations of Mudharabah payments for policies expiring after December 31, 2007. "

I'll either drop by a Takaful Office or call their Hotline at 1-300-13-7180, and check it out.

UPDATED 10 April 2008.

I managed to call Takaful's HQ at 1-300-13-7180, and was greeted by a very friendly voice. My first question was, is Motorcar Takaful under 'General Takaful' as the press statement says the 10% is for 'General Takaful'. Answer is yes.

Next question, how do I get the payment, will they contra it in my next renewal, as previously practiced? Nope, for this year they will issue a cheque. However to process the payment, we need to update/provide our particulars to them. The form can either be attained at any STMB office or thru their website. Current link is Participants Information Form , it can currently be found (at time of this entry) in STMB's main page, upper right hand corner. Download this form, fill it up and fax it to the provided number in the form or submit to a branch. Payment will be done by cheque.