amanah
What Is A Trust?
A Trust is an agreement (Trust Deed) that allows a person (Donor) to assign legal responsibility for their assets to another person (Trustee) for a third party receiving (Beneficiary / Trustee).
MAAB Trust Services
Takaful / Insurance Trust
Ensure that takaful/insurance compensation is distributed and managed to the desired recipients/beneficiaries by creating a Takaful/Insurance Trust.
MYANGKASA AMANAH BERHAD (MAAB) is appointed as the Trustee for the takaful/insurance compensation obtained to be distributed and managed to the desired recipient/beneficiary in accordance with the instructions/terms of the Trust Deed as agreed.
Requirement of Takaful Certificate/Trusted Insurance Policy
- Term or Life certificate/policy plan.
- The certificate/policy has the value of cash compensation due to death.
- The certificate/policy is still inforced when the Takaful Trust/insurance document is made.
- The takaful/insurance company allows an Absolute Assignment to be made to MyAngkasa Amanah Berhad.
- The Absolute Assignment nominated to MAAB has not related to other parties to any debt, financing or other responsibilities.
Benefits of Takaful / Insurance Trusts
- Distribution of death benefits (takaful/insurance policy) is not subject to the Estate Administration distribution processes and shall be distributed to any preferred recipient / beneficiary.
- Appointing MAAB as the Trustee to receive the sum of death benefits / compensation will create a credible control over the distribution and disbursement of the compensation, especially for the long-term survival of the heirs as well as safeguarding the interests of minors and disabilities.
- MAAB is the appointed party in implementing the control. The Trustee will distribute to the named beneficiaries and safeguarding the trust account following the instructions were set out in the Trust Deed Documents that have been agreed between both parties.
- In the Trust Deed, the Certificate owner / Policy Holder has the right to determine and control the distributions manner in which the money will be spent and distributed to the recipient / beneficiary.
- The underage beneficiary’s benefits is guaranteed and will continue to enjoy the benefit from the death compensation in accordance with insturctions stated in the Trust Deed.
Cash Trust
INDIVIDUAL CASH TRUST - Provides immediate financial/income resources to beneficiaries after the death of the donor. The donor may distribute the Trust Funds/Capital for certain purposes and intentions to the beneficiaries through the Trustee as stated in the Trust Deed
CORPORATE CASH TRUST - Trusts received from Institutions/ corporations/ government agencies/ foundations/ clubs/ companies/ associations/ corporate bodies or cooperatives for the purpose of providing trust funds for funds/ trust capital distributed to recipients/ beneficiaries for the specific purposes and intentions of corporate donors.
Term Of Cash Trust
- Cash Trust involved MUST comply with any provisions of the law including any provisions involving civil and corporate crimes, the Malaysian Anti-Corruption Commission Act 2009 (including relevant amendments), the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds from Activities Act Illegal 2001 (AMLATFPUAA) and taxation law, rules and regulations.
- Cash Trust involved must be placed into MyAngkasa Amanah Berhad which will be linked together with the relevant documents and will be agreed upon by both parties in all terms and conditions.
Benefits of Cash Trusts
- To ensure the Beneficiaries interests’ are protected and to avoid financial difficulties of heirs in the future.
- The trust account is excluded from the division of the Estate Administration processes and distribution, and cannot be claimed by other heirs who not nominated in the document.
- Suitable to safeguard the interests of minors and prevent any misuse of the funds by unauthorised party/ies after the death of the donor.
- Donors may change the instructions, terms and conditions in the Trust Deed at any time.
- The owner of the sum remains the authority of ownership over the cash entrusted either for the purpose of withdrawals or additions sum to the Trust account.
- To open the possibilities for the institutions / corporations / government agencies / foundations / clubs / companies / associations / corporate bodies or any cooperatives institution to manage Trust Funds for specific purposes and instructions through the appointment of MAAB as the Trustee.
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