Wealth Management SIB Academy

 

Takaful

 

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

 

 

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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
If, 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 0.05% 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

 

 

Takaful Life Insurance Policy

 

Cover:
a. Death *
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.
 

Eligible Customers:
 

1. Individual* customers of Sharjah Islamic Bank who are:
- UAE, GCC National, Expatriate and UAE Residents.
- Maximum age cover:  
o Death: 65 years, or as decided by Takaful company
o 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 the last 6 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:  
o Death: 65 years, or as decided by Takaful company
o 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 the last 6 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.  
 
Rate & mode of payment of Takaful contribution:
Life Takaful Percentage: 
As published in the bank’s Tariff, which many change from time to time.
 
Mode of Payment:  
Deductible monthly from any of the customer’s account with the first party or through DDA mode of payment. 
 
Amount covered: 
Maximum cover will be the total debit outstanding with up to: AED 3.500.000, or whatever amount approved by the Takaful company. 
 
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.