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What is Al-Islami

As an individual you have many dreams…

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 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’a principles. The product is offered in association with FWU AG, a leading financial services group based in Germany and Pak-Qatar Family Takaful Limited.

About Takaful

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.

Features

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.

  1. Contributions can be paid monthly, quarterly, half yearly or yearly. You can start with a minimum monthly contribution of Rs.5000 only
  2. 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
  3. You can choose an investment profile according to your risk appetite based on the Growth and Conservative 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
  4. Whenever you have excess funds available you can make a lump sum payment and increase the cash value
  5. 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. *
  6. You are also allowed partial withdrawals at any time before maturity. *
  7. In case you want to temporarily suspend regular contributions there is an option of a Contribution holiday (an interval) for up to 12 months*
  8. Freedom to appoint up to 4 beneficiaries (with an option to alter beneficiary(s) throughout the term)

Products

Our bank offers four unique takaful products specially designed for our customers needs. The following products are in our offering

  1. Al Islami Savings & Takaful
  2. Al Islami Sarmaya & Takaful Plan (Lump-sum)
  3. Al Islami Asaan Savings Plan
  4. Al Islami Cash Cover

FAQs on Takaful

Accordion Content

How to apply

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:

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.

Apply now

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Please provide us as much details as possible*
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Disclaimer

The applicant / participant fully agrees and understands that DIBPL is acting as a distribution agent of Pak Qatar Family Takaful Limited and shall, under no circumstances whatsoever, be responsible or be held liable for the representations and/or undertakings made by Pak Qatar Family Takaful Limited in relation to their family Takaful product and/or any benefit or loss arising out of it. Should the applicant/ participant proceed to subscribe to this family Takaful product, he/she shall do so on a voluntary basis at his/her sole risk and DIBPL shall have no responsibility or liability whatsoever in respect of any disputes and/or claims arising as a consequence of the investment performance of the fund comprising of contributions from the applicant/ participant and/or for any other reason whatsoever. The cash value/account value and benefits shown in the hypothetical illustration assume that contributions are paid in full when due and no withdrawals have been made from participant’s cash value / account value and that the generated profit has been in the range mentioned therein.

Illustrations

Your Child’s Education

Let us draw an example for you:
Suppose you are 30 years old and have a 2 year old child. Your goal is to send your child to a reputable university in 18 years time. If you contribute Rs.100, 000 each year for 18 years, you may receive the following cash value at the end of the term of your plan:

8% growth p.a = Rs.2,899,519
10% growth p.a = Rs.3,535,260
12% growth p.a = Rs.4,325,115

In the event of the participant’s unfortunate death during the plan duration, the guardian of your child receives Rs.1,800,000 (or cash value whichever is higher) unless the child has reach the age of maturity i.e. 18 years of age, to fulfill your dream of providing your child a sound education. At maturity, the cash value (whatever it may be at that time) shall be paid to the plan holder.

Your Daughter’s Wedding

As a caring parent your goal is to save enough to plan a dream wedding for your beloved daughter. Let’s assume you are 35 years old and father of a 10 year old daughter. If you opt for a 12 year plan with an annual contribution of Rs.100, 000, at the end of the term when you are 47 years old and your daughter is 22, you may receive the following cash value at the end of the term of your plan:

8% growth p.a = Rs.1,513,725
10% growth p.a =Rs.1,713,571
12% growth p.a = Rs.1,941,292

In case of the participant’s death during the plan duration, the nominated beneficiary will receive Rs.1,200,000 (or cash value whichever is higher) to provide for the wedding expenses. At maturity, the cash value (whatever it may be at that time) shall be paid to the plan holder.

Performing Hajj

“And pilgrimage to the House is a duty unto Allah for mankind, for him who can find a way thither…”. (Quran: 3/97)

If you can start planning your Hajj today, you won’t have to bother about the rising expenses of performing Hajj. Let’s assume you are 40 years old and opt for a 7 year plan. By contributing Rs.80,000 annually, you may receive the following cash value at the end of the term of your plan:

8% growth p.a = Rs.567,277
10% growth p.a =Rs.608,961
12% growth p.a = Rs.653,540

In case of your passing away during the tenure of your plan, your nominated beneficiary will receive a sum of Rs. 560,000 (or cash value whichever is higher). At maturity, the cash value (whatever it may be at that time) shall be paid to the plan holder.

A Happy Retired Life

Plan ahead and enjoy a relaxed and carefree retired life. Suppose you are 40 years old today and you opt for a plan for 20 years by contributing Rs.80,000 annually. The maturity of the policy will coincide with your retirement and you may receive the following cash values at the end of the term of your plan, to enjoy your retired life with complete peace of mind.

8% growth p.a = Rs.2,667,243
10% growth p.a =Rs.3,346,931
12% growth p.a = Rs.4,214,839

In the event of the participant’s death before maturity of the plan, your beneficiaries will receive an amount of Rs. 1,600,000 (or cash value whichever is higher). At maturity, the cash value (whatever it may be at that time) shall be paid to the plan holder.

Disclaimer: These illustrations are based on the assumption of 6%, 8% and 10% growth per annum. This website provides a general outline of the product. In the event of any ambiguity or conflict in interpreting any information regarding the product, the Participant Membership Document (PMD) shall prevail and supersede.