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WHAT AL-ISLAMI OFFERS
 
Dubai Islamic Bank Pakistan Limited (DIBPL) is proud to introduce Al-Islami Saving & Takaful Plan in collaboration with Pak Qatar Family Takaful Ltd. (PQFTL) Al-Islami Saving & Takaful Plan is a Shari’a compliant alternative to conventional insurance, offering a unique combination of saving, investment and protection. The Al-Islami Saving & Takaful Plan offers you peace of mind and takes care of the future of your loved ones by offering a savings plan and providing Takaful coverage in the event of death to your beneficiaries. So rest assured, with Al-Islami Saving and Takaful Plan, your future plans are in safe hands.
   
As an individual you have many dreams…
  • A college education for your child from a prestigious university
  • A dream wedding for your beloved daughter
  • Your spiritual journey to perform Hajj
  • A comfortable retired life with enough savings to take care of you and your loved ones
  • Any other financial objectives you may want to achieve
There's nothing better than the Al-Islami Saving & Takaful Plan to fulfill your dreams the Islamic Way! Based on your saving capacity, Al-Islami Saving & Takaful Plan offers you a range of investment options to suit your risk profile, with most flexible payment options.

What is the Islamic concept of Takaful?
 
The word Takaful is derived from the Arabic verb Kafala, which means to guarantee; to help; to take care of one’s needs. Takaful is a system based on the principle of Ta’awun (mutual assistance) and Tabarru (voluntary contribution), where risk is shared collectively by a group of participants, who by paying contributions to a common fund, agree to jointly guarantee themselves against loss or damage to any one of them as defined in the pact. Takaful is operated on the basis of shared responsibility, brotherhood, solidarity and mutual cooperation.

How does Takaful work?

Takaful offers two benefits – Savings and Protection. In a Takaful plan, a portion of your contribution (Tabarru’at) that you wish to save goes into a solidarity fund. Contributors to the fund agree to share defined financial losses to be paid out of defined financial resources. This is for the common good of the people participating in the programme with the aim of diminishing and spreading serious losses resulting from certain adverse events. The other portion which is the savings portion is invested in Sharia-compliant funds to offer you attractive returns. In short, Takaful provides you with a completely Halal alternative to conventional insurance, so you don’t have to compromise on your religious beliefs.
There's nothing better than the Al-Islami Saving & Takaful Plan to fulfill your dreams the Islamic Way! Based on your saving capacity, Al-Islami Saving & Takaful Plan offers you a range of investment options to suit your risk profile, with most flexible payment options.
Make your own Al-Islami Saving & Takaful Plan
 
Al-Islami Saving & Takaful Plan offers you all the flexibility you need, because we understand that each individual has unique needs.
  • Contributions can be paid monthly, quarterly, half yearly or yearly. You can start with a minimum monthly contribution of Rs.5000 only
  • Select the membership duration according to your specific objective in mind. The earlier you start the more benefits you will be able to reap. The minimum duration of the membership is 7 years. There is no maximum plan period as long as the age of the membership holder does not exceed 70 years upon maturity
  • You can choose an investment profile according to your risk appetite based on the Cash and/or Equity strategies. Select from 3 profiles i.e. Conservative, Balanced, and Aggressive. That’s not all; you also have the freedom of switching between the investment strategies four times a year for free
  • Whenever you have excess funds available you can make a lump sum payment and increase the cash value
  • On the other hand if you find yourself in a tight situation you have the option to decrease the Regular Contribution amount anytime during the membership tenure.*
  • You are also allowed partial withdrawals at any time before maturity.*
  • In case you want to temporarily suspend regular contributions there is an option of a Contribution holiday (an interval) for up to 12 months*
  • Freedom to appoint up to 4 beneficiaries (with an option to alter beneficiary(ies)throughout the term)
 
What is Al-Islami Savings & Takaful Plan?
A Shari’ah compliant programme that is designed to help your savings grow over time and thus secure your future and the future of your loved ones. The program is also designed to offer protection from unforeseen circumstances, by combining its savings plan with Takaful protection in accordance with Shari’ah principles. The product is offered in association with FWU AG, a leading financial services group based in Germany and Pak-Qatar (Takaful Operator).
What is the core principle of Takaful?
Niyaa, is the core principle of a Takaful Membership is:
  • what we do and how we conduct ourselves depends entirely on our Intentions.
  • that for the creation or enactment of a Takaful Membership, most sincere and honorable intention is a pre-requisite. The other principles of Takaful are as follows:
    • Membership holders cooperate among themselves for their common good.
    • Surplus(if any) maybe distributed amongst the participants in proportion to their Takaful donations
    • No advantage is derived at the cost of others
What are the main features in a Takaful Membership?
  • Parties to the contract must be between the age of 18-60 years old and be mentally sound.
  • The rule of 'Indemnity' (compensation for the loss) is applied.
  • All the participants give Mutual consent, which forms the basis of voluntary purification.
  • A definite time period of Membership (Certificate) and terms and conditions governing it.
Why choose Al-Islami Savings & Takaful Plan?
A Shari'ah Compliant Savings programme with a unique Waqf/Wakalah structure that combines professional asset management and Takaful benefits.
  • Al-Islami Savings and Takaful Plan approved by the Shari’ah boards of DIBPL,Pak-Qatar and FWU
  • The investment of the assets and of the Takaful Solidarity Fund is done on Shari'ah compliant terms
  • The cost structure and individual participant's model calculations are transparent. Furthermore there are no exclusions that are often regarded by participants as being concealed in small print.
  • Easy-to-handle administration of the Membership via the exclusive (FILOS) web based system.
  • No applicant will be declined Takaful benefits (takaful amount be less), thus the unmatched Savings & Takaful Plan is offered to everyone.
What's the membership term?
The minimum term is 7 years; maximum: the participants age should not exceed 70 years at maturity of the term.

What's the frequency of the contribution?
Minimum contribution is PKR 5,000 monthly. Customer can select to make monthly, quarterly, semi annually or annual contributions

Can I make regular and single contributions?
Savings & Takaful Plan is a long-term regular savings programme where the customer has to make regular contributions. However, in addition to the regular contributions, customer can still make a single contribution at any time during the membership tenor to enhance the maturity value.

What are the investment options available under the programme?
Depending on your risk tolerance, you can select your contributions to be invested in 3 risk calibrated investment profiles; Conservative, Balanced and Growth which are cascaded down to Cash and Equity Strategies.

Can I switch between the 3 profiles (2 strategies)?
Yes. Based on the performance of the selected investment strategy (Cash & Equity), you are allowed 4 switches per annum free of charge.

Is the Capital protected?
No. Providing any sort of capital guarantee is non-shari’ah compliant hence capital protection cannot be offered.

Is my investment safe?
Al-Islami Saving & Takaful Plan is a co-branded product brought to you by two reputed industry leaders; Dubai Islamic Bank Pakistan Ltd. (DIBPL) and Pak Qatar Family Takaful Ltd. (PQFTL). This product is underwritten by PQFTL and being distributed and marketed by DIBPL.

What are the risks associated with this product?
Your contribution will be invested in Shariah compliant funds, which are managed by expert investment managers, at Pak-Qatar Family Takaful to ensure optimized return with manageable risk exposure. Investments in this fund are being regulated under the Securities and Exchange Commission of Pakistan under Insurance Ordinance 2000 and Takaful Rules 2005. Providing any sort of capital guarantee is not acceptable in Shari’a, hence Al-Islami Saving & Takaful Plan does not provide any such commitment.
All payment commitments or obligations related to Al-Islami Saving and Takaful Plan are backed by PQFTL and DIBPL is not liable in any manner for the performance or non-performance of PQFTL’s obligations on this account.

How are the contributions invested?
The contributions are invested in Shari’ah compliant mutual funds which are selected by the dynamic fund selection and allocation model . The investments have the approval of the Shari’ah board of Pak-Qatar and are managed by Pak-Qatar itself.

What is the level of Takaful benefit I can apply for?
The Takaful benefit depends on your total contribution, health condition, age and the term of the membership.

Who can subscribe under Al-Islami Savings & Takaful Plan?
Al-Islami Savings & Takaful Plan is exclusively for the bank account holders of the DIBP on a single life basis (provision of cover for one person).

What if I want to leave the country?
The flexibility of the programme allows you to maintain your membership as long as you maintain your DIBP account and you keep funding your account to meet your future scheduled contributions.

How many beneficiaries can I appoint?
Up to 4 beneficiaries can be appointed per membership at a time. You can also change the beneficiaries during the membership tenor.

For the first time in Pakistan Saving & Takaful Plan gives you the convenience of getting your membership issued without the hassle of a mandatory medical examination. No customer will be declined, irrespective of his or her health condition. (The Takaful cover may vary based on the health evaluation). If you are 18 – 60 years of age just walk into your nearest DIBPL branch and meet one of our Relationship Managers or dial our UAN number. Our team will assist you in meeting your Takaful needs such as:
  • How much to invest/save
  • The term you should choose
  • Which plan will help you achieve your desired maturity amount
  • Which investment/savings mechanisms are best for you
Once you've made your decisions, our Relationship Manager will guide you in completing the remaining formalities in as short a time as possible.

Instant Takaful Membership Issuance?
  • Open your DIBPL rupee current or savings account, if you do not have one already.
  • Choose a plan that suits your needs
  • Submit your CNIC
  • Fill in the Al-Islami Application form
  • Now you can walk out with your Al-Islami Saving & Takaful Certificate in hand, your future and the future of your loved ones taken care of!