TAKAFUL Brunei Am’s (TBA) newly announced insurance guarantee for foreign workers will cost significantly less that the security labour deposit traditionally required by the Labour Department, its acting general manager said.
The Foreign Worker Takaful Insurance Guarantee, which will be rolled out next month, serves as an alternative to the security deposit and allows companies, especially newer startups, to have more rolling capital by saving on deposits for foreigners which range from $500 to $4,000, depending on their country of origin.