Al Madina Insurance Company (Al Madina Takaful) has announced the ‘Wakala’ fees and ‘Mudharaba’ percentage for the fiscal year ending on December 31, 2015, according to the company’s statement.

The statement noted that the Company operates as the ‘Wakeel’ of the Policyholders Fund proposes to charge ‘Wakala’ fee on the net revenue of the Company.

It is worth mentioning that the aggregate ‘Wakala’ fee for the year 2015 is accounted for 20% of the gross written contribution for all contributors’ in general ‘Takaful’ funds and Family ‘Takaful’ funds.

Furthermore, Al Madina Insurance Company, which operates as the ‘Mudharib’ of the Policyholders Fund, will charge a ‘Mudarib’ fee of 70% of the net profits resulting from the investment of the Policyholders Fund.

Noteworthy, the Company is listed in the insurance sector, with a capital worth OMR 17.5 million distributed on 175 million shares as par value OMR 0.1 per share.

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