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Returning Excess Collected For Premiums

Takaful insurance is purchased for a project to construct headquarters for a certain amount of premium giving coverage for labour and materials etc.

Additional contracts are concluded with subcontractors for safety, electricity, air-conditioning and elevators based on the agreement that they will pay a part of the insurance premiums for the project each in proportion to the value of their work.

In the event that the amount collected from them is greater than the cost of the premiums to be paid is it lawful for the bank to keep the excess amount?

It is not lawful for the bank to keep any amount in excess of the premiums to be paid; it must be returned to the subcontractors.

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