Wealth Management SIB Academy

Takaful

 

Our Credit Life Takaful covers all your finances & facilities in unfortunate times or events, keeping your mind at peace

 

 

 

Taking care of your financial requirements is our duty, looking after and protecting it at all times. Therefore SIB presents our Credit Life Takaful - a plan which provides Takaful protection for you and your loved ones from unforseen events in accordance with Sharia'a principles.

Features & Benefits:

 

Safe and secured future
In, God forbids, death or permanent disability of the insured the outstanding amounts of the facilities will be written-off up to the covered limit amount
A minimal premium of 0.04% monthly of the total outstanding of the facilities'
Maximum cover limit of AED 5,000,000

Required Documents

Original passport & UAE National ID
Valid UAE residence visa for expatriates
 
Cover:
a. Death any cause*
b. Permanent and Total Disability*(PTD) solely and directly resulting from accident and/or sickness.
PTD benefits are subject to deferment of benefit until 6 months
* Except cases referred to in the Exclusions.
 
Customers Covered:
1- All individual customers of SIB who are:
- UAE, GCC National, Expatriate and UAE Residents
- Between age 18 and 65 years. Coverage for the period exceeding 65 years of age may be considered on case-to-case   basis at the discretion of insurer.
- Cover subject to actively at work for new customer (i.e. not on sick   or medical leave) at the inception and has been continuously working for the last 6 months.
2- Key personnel of selected companies, who are:
- UAE, GCC National, Expatriate and UAE Residents
- Between age 18 and 65 years. Coverage for the period exceeding 65 years of age may be considered on case-to-case basis at the discretion of insurer.
- Cover subject to actively at work for new customer (i.e. not on sick or medical leave) at the inception and has been continuously working for the last 6 months.
 
Effective Date and Period of cover:
Cover shall be effective on the first disbursement date of the financing as advised by SIB until expiry of the financing period provided the customer fulfills the eligibility conditions and underwriting requirements.
 
Rate & Mode of Premium Payment:
Rate: 0.04% per month
Mode of Payment: the customer’s account(s) maintained with the Sharjah Islamic Bank or any other bank. 
 
Amount covered
1- Maximum up to 5,000,000/- for existing customer 
2- Maximum up to 2,500,000/- for new customer
Standard exclusions:
1- War, invasion, act of foreign enemies, hostilities or warlike operations (whether war be declared or not), civil war, military rising, insurrection, rebellion, revolution, military or usurped power, martial law, mutiny or  riot or civil commotion assuming the proportions of or amounting to a popular rising.
2- Atomic, Biological and Chemical contamination.
3- Aids if it was contracted prior to the commencement of Takaful cover. 
4- Criminal Acts committed by the insured member
5- Mental and nervous disorders.
6- Intentionally self-inflicted injury, suicide or attempted suicide (whether sane or insane)
7- Aviation, gliding or any form of aerial flight other than as a fare paying passenger of recognized airline or charter service.
8- Being under the influence of alcohol or drugs other than in accordance with the directions of a registered medical practitioner.
9- Involvement in any underwater activity.
10- Participation in or training for any dangerous or hazardous sport or competition or riding or driving in any form of race or competition.
11- Engaging in any illegal act, breach of Law or criminal act.
12- Engaging in or taking part in any naval, military or air force operation.
13- Illegal pregnancy, abortion or childbirth.
14- Disability occasioned or contributed to by HIV infection, AIDS or an AIDS related condition.
15- Disease or medical impairment, from which the insured was suffering, received treatment   for or was aware of at the commencement of his Takaful cover.
 

Motor Takaful

Total Insurance, Complete Insurance

SIB introduces insurance in a singular approach. We offer; a hard to resist offer, on a comprehensive Motor Takaful Insurance starting from 2.99% for saloon vehicles & 3.30% for Four-wheel drive vehicles, best rate in town plus:

Features & Benefits:

  • Free Oman coverage
  • Free roadside assistance membership
  • Drive personal accident covers for AED 120
  • Passenger personal accident covers for AED 30 each
Call us on 06-5999999, 24 hours serving you.

Required Documents

Original passport & UAE National ID
Valid UAE residence visa for expatriates
Apply Now
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