Takaful Umbrella Fund

The first Shariah Compliant Retirement Benefits Scheme in East and Central Africa! The Takaful Umbrella Fund is a retirement benefits fund that pools together retirement benefits for small, medium or large organizations and institutions with a purpose of coming up with a practical, cost effective, shariah compliant and professionally managed retirement benefits scheme for the members.

Contributions

The Fund will operate as a Defined Contributions (DC) Scheme with the employee contributing a percentage of his basic salary into the fund and the employer adding onto it with an equal, less than or higher percentage.Contributions will be remitted to the custodian via a Standing Order, Debit Order, EFT, Cash Deposit or cheque by the 10th day of the following month to which the contributions relate.
NOTE: All contribution payments should be addressed to the Custodian
  1. Product Overview
  2. Benefits to Employees
  3. Benefits
  4. Benefit Payment
  5. Download Brochure
Takaful Umbrella Fund is a retirement benefits fund that pools together retirement benefits for employee of more than one employer with a purpose of coming up with a practical, cost effective, Sharia compliant and professionally managed retirement benefits scheme for the members. This allows the participating employers to focus on their main business. Contributions The Fund will operate as a Defined Contributions (DC) Scheme with the employee contributing a percentage of his basic salary into the fund and the employer adding onto it with an equal, less than or higher percentage.Contributions will be remitted to the custodian via a Standing Order, Debit Order, EFT, Cash Deposit or cheque by the 10th day of the following month to which the contributions relate.
Sharia Compliant
Trustee of the scheme have established an investment policy that ensure that the Scheme invests in acceptable ways that adhere to Sharia Principles of Commercial Transaction while enabling the employers and employees save towards retirement.
Cost Effective Costs for operating the fund will be shared among participating employers therefore making the fund operational cost efficient.
Enhanced Governance The fund will be managed by top of the market competent trustee at affordable cost.
Stress free in setting up Setting up and managing the routine activities of the fund will be the least of the employer’s concern giving him humble time to concentrate on his core business.
Employee Loyalty Setting up a retirement fund for and on behalf of your employees is partnering up to assist them save towards their retirement. This is likely to promote hard work and loyalty. The absence of established scheme makes an employer less attractive rendering the company incapable of attracting talented workforce.
No penalties on withdrawal No penalties will be incurred should an employee decide to withdraw from the fund however a notice period of 30 days will be required to facilitate processing of the benefits.
Tax Relief Takaful Umbrella Fund is a scheme registered with Kenya
1. Shariah Compliant in its operations and investment avenues.
2. Cost Effective and easy setting up and management through user friendly technology.
3. Enhanced governance incorporating competent and well trained Trustees.
4. Employee Loyalty and talent attraction.
5. No penalties on withdrawal.
6. Tax relief on contributions to the Fund.
7. Transparency – Meetings, frequent communications & updates
Member benefits can be claimed under any of the following circumstance:
º Should a member resign, be terminated or retrenched.
º Immigrate to another country with no intention of coming back.
º Die while in service of the employer.
º Ill health and unable to work.
º Retire early or on normal or late retirement age.
Membership Eligibility
To join the Fund the Employer needs to ensure that:
i. The organization is registered by State Law Office & Kenya Revenue Authority.
ii. They sign Deed of Adherence.
iii. Employer is engaged in a business or trade that provide goods and services that are in line with Islamic principles.
iv. Membership is compulsory for eligible employees.

Employees need to ensure that they are:
i. Permanent & pensionable.
ii. Above age 18 and below age 50.
Download Brochure Here
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