To apply for membership of ICMIF it is necessary to complete an application form and provide the Federation with certain information.

When making application for membership of ICMIF this will, on membership being granted, provide automatic membership of the appropriate regional association.

Once an application for membership has been received this will be reviewed by the Executive Committee which meets regularly. Their decision is then endorsed by the Board of Directors at its annual meeting.

Membership fees

Membership fees are invoiced annually and are payable direct to ICMIF. Regional association fees are also invoiced annually but are payable direct to the regional association.

The fee process

The ICMIF membership fee is calculated taking into account the following parameters:

• Fees are calculated based on the applying organisation’s net written premium income (NWP) for the financial year ended in the penultimate year before fees are due (eg, fees for 2012 are based on financial year ended in 2010).
• Fees are calculated on the member’s NWP in appropriate local currency multiplied by the fee rate (currently 20 per million). ICMIF will work with the prospective member to ensure that the calculation of fees is correct.
• Fees are payable in the member’s nominated currency chosen from USD, JPY, EURO or GBP, before April 1 each calendar year.
• Fees are invoiced in the member’s nominated currency and it is the responsibility of the member to make appropriate arrangements to transfer their fee to the relevant ICMIF bank account.

ICMIF Funding

ICMIF is primarily funded through its membership fees but with additional services, such as conferences and training, being offered and for which a delegate fee is charged to members.

Download takaful application form