Takaful Umbrella Fund
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Takaful Umbrella Fund is the first Shariah-compliant retirement benefits scheme in East and Central Africa. It 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. This allows the participating employers to focus on their core business.
Benefits to Employers
Benefits to Employees
To join the Fund the Employer needs to ensure that:
- The organization is registered by the State Law Office & the Kenya Revenue Authority
- They sign a Deed of Adherence
- They are engaged in a business or trade that provide goods and services that are in line with Islamic Principles
- Membership is compulsory for eligible employees
Employees need to ensure that they are:
- Permanent & pensionable
- Above age 1 8 and below retirement age
The Fund operates as a Defined Contributions (DC) Scheme with the employee contributing a percentage of his/her 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, Electronic Funds Transfer (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
Member benefits can be claimed under any of the following
- Early retirement or on normal or late retirement age
- If a member resigns, is terminated or retrenched from the employer’s service
- On permanent emigration to another country with no intention of coming back to Kenya
- If a member dies while still a member of the Scheme
- Medical Retirement if a member suffers from a long-term medical condition and cannot carry out the duties in line with his/her job.