Takaful Insurance Leadership Award

Evaluation

100% automatic, from the data and evidence you submit

Minimum score to win

70 / 100

Measurement period

The full financial year 2025 (or the latest financial year completed before nominations open); growth is measured against financial year 2024

Who can apply

• A licensed takaful operator or takaful window with separate audited accounts
• An independent Sharia supervisory board in place
• Operating for at least 3 years before the start of the measurement period
• Audited financial statements for the measurement period with an unqualified opinion from an independent external auditor

Indicators and weights

1. Participants’ fund surplus

   Underwriting surplus or deficit of the participants’ risk fund as a percentage of earned contributions

   20%
   Show points and evidenceHide

   Points

   • 12 – < 100 % 100
   • 5 – < 12 % 75
   • 0 – < 5 % 40
   • -100 – < 0 % 10

   Evidence

   Audited financial statements of the participants’ fund

2. Surplus distributed to participants

   Share of the year’s distributable surplus actually paid or credited to participants (zero when there is no distributable surplus)

   15%
   Show points and evidenceHide

   Points

   • 75 – < 100 % 100
   • 50 – < 75 % 80
   • 25 – < 50 % 50
   • 0 – < 25 % 20

   Evidence

   Surplus distribution decision approved by the Sharia board and the board, and the surplus note in the financial statements

3. Reliance on qard hasan

   Outstanding qard hasan from the shareholders’ fund to the participants’ fund at year end as a percentage of annual contributions

   15%
   Show points and evidenceHide

   Points

   • ≥ 15 % 10
   • 5 – < 15 % 40
   • 1 – < 5 % 70
   • 0 – < 1 % 100

   Evidence

   Qard hasan note in the audited financial statements

4. Takaful governance practices

   Number of the following six practices in place: independent Sharia board of at least three members, internal Sharia audit, external Sharia audit or review, segregated and separately audited participants’ and shareholders’ funds, published Sharia board report, published policy on wakala fee and mudarib share

   15%
   Show points and evidenceHide

   Points

   • 5 – < 6 items 100
   • 4 – < 5 items 80
   • 3 – < 4 items 50
   • 0 – < 3 items 20

   Evidence

   Governance report, Sharia report and published policies

5. Total operator charge

   Wakala fee charged to the participants’ fund plus the mudarib share of investment returns and any surplus share or performance incentive taken by the operator, as a percentage of gross contributions (so that a low headline fee cannot be offset by taking the surplus)

   10%
   Show points and evidenceHide

   Points

   • 40 – < 100 % 10
   • 30 – < 40 % 40
   • 20 – < 30 % 70
   • 0 – < 20 % 100

   Evidence

   Audited financial statements

6. Solvency ratio

   Available capital as a percentage of the regulatory capital requirement at year end

   15%
   Show points and evidenceHide

   Points

   • ≥ 200 % 100
   • 160 – < 200 % 85
   • 130 – < 160 % 60
   • 100 – < 130 % 30

   Evidence

   Regulatory solvency return or the capital management note

7. Claims payment time

   Average days from complete documentation of a participant’s claim to payment

   10%
   Show points and evidenceHide

   Points

   • ≥ 45 days 15
   • 20 – < 45 days 45
   • 10 – < 20 days 75
   • 0 – < 10 days 100

   Evidence

   Claims system report with completion and payment dates

Each indicator gives 0 to 100 points; its share of the total is its weight. Ties are decided by the indicators listed first in the scorecard; payment or package never affects the score.

1. Done

   Nominations open

   26 October 2026 · 13:10

2. Upcoming

   Nominations close

   27 November 2026 · 01:10

3. Upcoming

   Judging starts

   27 November 2026 · 01:11

4. Upcoming

   Judging ends

   4 December 2026 · 13:00

5. Upcoming

   Results announced

   4 December 2026 · 13:10

Times are in Asia/Riyadh (UTC+03:00).