Correct the errors in the below statements: X, Y and Z each decide to take out a general Takaful policy with Halal Insurance (HI) to provide protection for their families against them dying or suffering a short or long-term disability which will result in expenses such as funeral costs and/or hospital bills. X and Y pay each an annual contribution of 5,000; Z does not pay anything This contribution is divided into three portions: (i) the underwriting (mortality and sickness risk) fund; (ii) the Participants Risk Fund (PRF); and (iii) the Participants Investment Fund (PIF) The mortality and sickness benefit may be specified in the contract The PFI is similar to an expenses plan with a maturity of 10 years HI is an independent association HIs share capital and reserves (shareholders fund) are maintained together with the participants funds = PIF and PRF. HI manages the PRF on a Mudaraba basis and the PIF on a Wakala basis In the PIF, the participants act as Mudarib and HI as Arbab al Mal According to the Mudaraba agreement, the profit sharing ratio between HI and the participants is respectively 80/20% HI, as Wakil (agent) for the PIF, invests the funds money in Sharia compliant investments. During a lunar year, the PRF generates 10million. HIs fees are calculated as 50% of the profit (5,000,000). The remaining surplus (5m) belongs to the participants and is retained in the Shareholders Fund to provide HI equity for solvency purposes. In the PRF, HI as Wakil invests the funds money in Sharia compliant investments During a solar year the PRF generates 20m. HIs fees, as Wakil, are 16m (80% of the profit) The remaining profit (4m) belongs to the Shareholders and would normally be partially shared with the PIF In case of death of X after the maturity of the investment policy, HI as Mudarib of the participants funds will pay Zs heirs an unspecified death benefit. At the end of the Takaful agreement (i.e. 10 years), the PRF will pay back the shareholders capital