Pri-TI (Takaful Trust / Insurance)

PRI-TI is a trust formed for takaful/Insurance policies. Where the owner of the takaful/insurance policy appoints as-Salihin Trustee Berhad as the beneficiary through the Assignment of Absolute Rights as well as to act as a trustee (“Trustee”) to receive takaful/insurance money (“Trust Fund”). The policy owner also signs a trust deed to set the terms and conditions for the administration of the Trust Fund.

The purpose of the Assignment of Absolute Rights is to ensure that the Trustee receives the Trust Fund when the policy owner dies or is confirmed to be permanently disabled or any disability covered by the policy and to distribute the Trust Fund according to the terms and conditions stipulated in the trust deed for the benefit of the policy owner as well as designated beneficiary.

Objectives of PRI-TI

Protection

Protecting the rights of the Policy Owner and his family members.

Control

The Policy Owner can control and determine the use and distribution of the Trust Fund according to his wishes.

Manage

The Trust Fund is managed well and in an orderly manner by an experienced Trust Company.

Advantages of Pri-TI

Ensuring that the Trust Fund can be used for the benefit of the policy owner when he is confirmed to be permanently disabled or any disability covered by the policy.
Trust Funds will be received and managed by a reputable trust company. Therefore abuse of Trust Funds and breach of trust can be avoided.
The Trust Fund can be used according to the terms and conditions set by the policy owner.
Trust Funds are not subject to Faraid law and inheritance administration. It is effective immediately according to the terms and conditions of the trust deed.
Protected from creditor claims (subject to the Insolvency Act 1967).
There is no need to obtain a court order to claim takaful/insurance policy money.