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Amanah Umbrella Fund
For Individuals
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Product Overview
Amanah Insurance Retirement Scheme,Provides valuable benefit for you and your family to ensure planning for future and support during old age and sunset years. The assets of the Retirement schema are held separately from the Employer in a trust fund, Significant safeguards have been put in place to ensure that the assets of the Scheme are Kept secure.
Benefits to Employers
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Shariah Compliant
The Trustees of the scheme have established an investment policy that ensures that the scheme invests in acceptable ways that adhere to Shariah Principles of Commercial Transactions while enabling the employers and employees to save towards retirement. -
Cost Effective
Costs for operating the Fund will be shared among participating employers therefore making the Fund operationally cost efficient. -
Enhanced Governance
The Fund is managed by professional and competent Trustees at an affordable cost. -
Easy to set up
Setting up and managing the routine activities of the Fund will be the least of the employer’s concern giving him/her ample time to concentrate on his/her core business.
Benefits to Employees
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Transparency – meetings & updates
The Fund will be managed by professionals hence employer interference on matters of the Fund will be on check and in consultation with the assigned professionals. -
Tax Relief
ontributions remitted to the Fund are tax deductible up to Kshs 20,000 per month per member. - Maximum joining age is 65 years
Membership Eligibility
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
Contributions
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
Custodian
Benefits Payment
Member benefits can be claimed under any of the following
circumstances:
- 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.
