Business Interruption (or Loss of Profits) Takaful Plan
SABB Takaful understands your business risks. The Business Interruption Takaful Plan, designed as a rider to SABB Takaful’s Fire/Property All Risk Plans, provides comprehensive coverage against unexpected events that can lead to the loss of profits, rental costs for alternative premises, business restoration costs and even fees for professional services resulting from business interruption.
Protect your business with greater peace of mind.
Takaful concept
Takafulmeans'guaranteeingeachother' in Arabic.It is an Islamic system of mutual insurance built around the concept of 'tabarru' (donation/gift).
'Tabarru' donations are made with the intention of helping other participants faced with difficulties and eliminating the resemblance of Takaful to gambling. Each participant contributes to a fund to cover expected claims, while also benefiting from a share of investment returns. SABB Takaful Company’s role is to manage the Takaful operations and invest the Takaful contributions in line with Shariah principles. Participants share in the surplus of the fund on the understanding that this may be forfeited to cover losses. When there is a surplus* it is shared between the members of the Takaful fund.
Key features and benefits
Peace of mind
You can rest assured that your business interests are protected in the event of a fire or any other covered peril.
Shariah compliant
Our Plan is fully Shariah compliant and is approved by SABB Takaful’s Shariah Committee. The Shariah Committee members are:
Takaful surplussharing
The Planholder may receive a share of any declared surplus from the Takaful Fund. It is a key feature of a takaful plan.
Comprehensive coverage
- Coverage of up to 3 years on your business gross annual profits
- Provides cover for the continuing fixed costs of the business, such as rental payments for the property and the additional fees for professional services incurred in determining the extent of the loss
Renewal
The Planholder can apply for renewal of the Plan before its expiry date. However, renewal may be subject to additional conditions or increase/decrease in the contribution rate imposed by SABB Takaful based on the Planholder’s loss record or any material changes.
Important notes
Business Interruption or loss of profits Takaful Plan is underwritten by SABB Takaful Company, P.O. Box 9086, Riyadh 11413, Kingdom of Saudi Arabia, Tel. 800 124 5666, Fax: (+966 1) 276 4463. Website: www.sabbtakaful.com
This marketing material contains only general information. It does not constitute an offer to buy or sell a Takaful plan or service nor is it intended to provide any Takaful or financial advice. Any person interested in this Plan should read and consider the Terms and Conditions of the Plan before taking any decision. You may ask for a copy of the Terms and Conditions of the Plan from us or download it from our website: www.sabbtakaful.com
*Distribution of the declared surplus is in accordance with the Cooperative Insurance Companies Law of the Kingdom of Saudi Arabia and subject to the approval of the Board of Directors of SABB Takaful.
