Wealth Management SIB Academy




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





Life Takaful Insurance Policy


The Group Credit Life Takaful is an Islamic Insurance scheme that aims to protect your loved ones by covering your liabilities with Sharjah Islamic Bank in the unpredictable event of Death or Permanent Total Disability (PTD).



a. Death*

b. Permanent Total Disability (PTD)* solely and directly resulting from accident and/or sickness, PTD benefits are subject to deferment of benefit until six (06) months.

*Except cases referred to in the exclusions.


Eligible Customers:

Life Takaful is compulsory for all individuals having finance with SIB:

1. Individual* customers of Sharjah Islamic Bank who are:

- UAE, GCC National, Expatriate and UAE Residents.

- Maximum age cover: 

  • Death: 70 years (or as decided by Takaful company)
  • PTD: 65 years (or as decided by Takaful company)

- Customer has to be actively at work (i.e. not on sick or medical leave) at the inception and has been continuously working for six (06) consecutive months.

* In case of joint applicants (two or more), claim(s) will be partially paid in pro rata for the deceased applicant(s) only.  


2. Key stakeholders* of selected companies, who are:


- UAE, GCC National, Expatriate and UAE Residents.
- Maximum age cover: 

  • Death: 70 years, or as decided by Takaful company
  • PTD: 65 years, or as decided by Takaful company

- Customer has to be actively at work (i.e. not on sick or medical leave) at the inception and has been continuously working for six (06) consecutive months.

*In case there are more than one partner (two or more), claim(s) will be paid based on the share of the partner in the company.


Effective Date and Period of cover:

Provided the customer fulfills the eligibility conditions and underwriting requirements, cover shall be effective on the date of the first disbursement of the finance as advised by Sharjah Islamic Bank until expiry of the financing period or upon termination of the Takaful policy by Sharjah Islamic Bank based on 30 days’ notice.  


Pensioner Cover:

Pensioner(s) will be covered provided that they are receiving regular monthly pension salary from UAE government into the account and provided the retirement was not due to any medical reasons.

Pensioner(s) will be covered for Death and Permanent Total Disability Any Occupation. However, all non-working borrowers (i.e. not actively pursuing employment), whether a Pensioner or not, shall be covered for Permanent Total Disability based on Activity of Daily Living (ADL) definition.

Therefore, Permanent Total Disability (PTD) shall mean the total and irreversible inability to perform activities in at least (4) out of the (6) following categories without the assistance of someone else:


  • Personal Hygiene: Washing or bathing to the extent needed to maintain personal cleanliness
  • Dressing: Putting on or taking off all necessary clothes
  • Mobility: Moving from one room to another or getting in and out of a bed or chair
  • Eating and Drinking: Eating and Drinking once food and drink has been prepared and made available
  • Using the Lavatory: Getting on and off the lavatory and maintaining personal hygiene
  • Continence: Controlling bowel and bladder function



Rate & mode of payment of Takaful contribution

Life Takaful Percentage: 

Please refer Schedule of Charges.


Mode of Payment:  

Deducted monthly from any of the customer’s account or through DDA mode of payment. 


Amount covered: 

Maximum cover will be the total debit outstanding with up to: AED 3,500,000 (or the amount approved by Takaful Company) up to the age of 64 years

Customers availing finance of above AED 3,500,000 will need to complete the Medical Underwriting requirements


Standard Exclusions:

The Takaful Provider shall not be liable for claims directly or indirectly caused by, resulting from, or in connection with any of the following:


  • 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.
  • Atomic, Biological and Chemical contamination
  • AIDS if it was contracted prior to the commencement of Takaful cover
  • Criminal Acts committed by the insured member
  • Pre-Existing Conditions for Pensioners

For additional benefits, the following supplementary exclusions apply in addition to the above:

  • Mental and nervous disorders
  • Intentionally self-inflicted injury, suicide or attempted suicide (whether sane or insane)
  • Aviation, gliding or any form of aerial flight other than as a fare-paying passenger of recognized airline or charter service
  • Being under the influence of alcohol or drugs other than in accordance with the directions of a registered medical practitioner
  • Involvement in any underwater activity
  • Participation in or training for any dangerous or hazardous sport or competition or riding or driving in any form of race or competition
  • Engaging in any illegal act, breach of Law or criminal act
  • Engaging in or taking part in any naval, military or air force operation
  • Illegal pregnancy, abortion or childbirth
  • Disease or medical impairment, from which the insured was suffering, received treatment   for or was aware of at the commencement of his cover
  • Disability occasioned or contributed to by HIV infection, AIDS or an AIDS related condition



In case on any claims, Sharjah Islamic Bank should be informed no more than 270 days from the Date of Event or the claim will be rejected