What is Banca Takaful
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 Takaful Saving & Takaful Plan to fulfill your dreams the Islamic Way! Based on your saving capacity, DIBPL BANCATAKAFUL offers you a range of family takaful coverage options offered by different Takaful operators 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 covered by the term and conditions of Waqf fund against loss or damage to any one of the member of the fund. Takaful is based on shared responsibility, brotherhood, solidarity and mutual cooperation.
As a Takaful plan Participant, you may be eligible to receive a share of any declared surplus from the Individual Family Takaful Participants’ Fund. Distribution of the surplus is in accordance with the Takaful Operator’s surplus policy as approved by its Shari’ah Supervisory Board.
FAQs on Takaful
How Does the Takaful Membership Operate?
Takaful model is based on the Wakalah-Waqf principal. Individuals in the community come together for a common purpose and contribute into a Waqf Fund operated by a Takaful Operator to protect themselves against future ﬁnancial losses.
What is Surplus Sharing?
Surplus sharing is a key concept in Takaful and differentiates Takaful from conventional insurance. In case of any surplus in the Individual Family Takaful Participants’ Fund, the excess funds are distributed among the Participants in proportion of their net contribution to the fund. This surplus amount is given to the Participant in the form of additional units being added to his/her investment account.
How does Takaful work?
Takaful offers two benefits – Savings and Protection. In a Takaful plan, a portion of your contribution (Tabarru’) that you wish to save goes into a waqf fund. Contributors to the fund agree to share defined financial losses to be paid out from waqf fund. This is for the common good of the people participating in the program 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.
Make your own Saving & Takaful Plan.
DIBPL BANCATAKAFUL 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 annual contribution of Rs. 20,000 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 10 years. There is no maximum plan period as long as the age of the membership holder does not exceed 80 years upon maturity
- 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.
- 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. *
Currently DIB is acting as distributor for products of following Window Takaful Operators.
- IGI Life Insurance – Window Takaful Operations
- Adamjee Life – Window Takaful Operations
- EFU Life – Window Takaful Operations
- Jubilee Life Insurance Company Limited – Window Takaful Operations
- One full-fledge Takaful company i.e. Pak-Qatar Family Takaful
The applicant / participant fully agrees and understands that DIBPL is acting as a distribution agent of Window Takaful Operator products and shall, under no circumstances whatsoever, be responsible or be held liable for the representations and/or undertakings made by Window Takaful Operator in relation to their Takaful product and/or any benefit or loss arising out of it. Should the applicant/ participant proceed to subscribe to this BancaTakaful 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.