Takaful

 

In these schemes, the company offers the Islamic Takafol as Islamic substitute for Life assurance scheme. The various Takafol Policies issued by the company are as follows:

 

a.  The Islamic Modaraba for social solidarity and investment

    

The operation of modaraba is generally aiming for the investment of funds for savings and building up the capital of participants through investments and trading activities in conformity with Islamic Sharia. Ninety percent of the profit will be reinvested for the benefit of all the participants and the remaining ten percent of the profit to the Modarib.

 

b.  The Family Takafol Scheme

 

It aims at verifying Takafol among participants in case of the death of any one of them or any one of his family members, or his complete and permanent disability. Takafol benefits will be paid to the beneficiary.

 

c.   Mortgage Protection Scheme

 

It aims at verifying Takafol among participants in case of the death or Total Disablement of the Policy holder. The contract benefits will be paid to the beneficiary.

 

d.  Educational Takafol Scheme

 

It aims at verifying Takafol among participants in case of the death or Total Disablement of the father. In this case the Company will continue paying the annual  educational fees to the beneficiaries as stated in the contract.

 

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