Increment of Hibah by TBA

Takaful Brunei Am Sdn Bhd (TBA) has announced that as of April 1, 2022 the Hibah (renewal gift) rate for the Motor Takaful Scheme has been raised from 10 per cent to 15 per cent.

Hibah comes from the underwriting surplus, which in turn is derived from the Tabarru’ (Takaful fund), after the deduction of any claims and other expenses.

TBA said that the Hibah increment is a show of appreciation for their customers’ years of support and applies to those participating in TBA’s Private Motor Takaful Third Party coverage, Comprehensive Classic, Executive and Prestige coverage packages. Hibah benefits TBA customers by adding discounts on contributions upon their takaful renewals.

Hibah is as a result of efficient underwriting, claims and asset management practices by TBA and is permissible under Syariah principles with certain terms and conditions.

Customers who wish to benefit from the increased Hibah rate on their next renewal can switch their motor takaful/insurance by visiting a TBA branch, contacting the TBA call centre or WhatsApp, or through the Takaful Brunei Mobile app’s New Motor feature.

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