Fire-Property All Risks Takaful Plans
The outbreak of fire is an everyday risk, and it could happen to your business premises at any time. Unpleasant events, such as this, have destroyed many valuables and caused losses to businesses to the tune of millions of Riyals.
SABB Takaful understands how serious this risk can be. That is why it introduced the Fire/Property All Risks Takaful Plans – specifically designed to provide coverage against loss of or damage to your business property. These Shariah-compliant Plans can help you reduce such everyday risk, enabling you to focus on your business performance with greater peace of mind.
Takaful concept
Takafulmeans 'guaranteeing each other' 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 maybe 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
The Takaful benefit is payable in the event of partial or total loss of the property covered.
Shariah compliant
SABB Takaful strives for the highest level of Shariah authentication and has a fatwa for all products signed by the Shariah Committee of SABB Takaful. The Committee consists of the following scholars:
- Sheikh Abdullah Bin Sulaiman Al
- Sheikh Dr. Abdullah Bin Mohamed Al Mutlaq
- Sheikh Dr. Mohamed A. El Gari Bin Eid
Each document, product and all future Takaful products are subject to the Shariah approval process. Our Audit Committee ensures that products have the Shariah approval prior to being offered in the marketplace.
Takaful surplus sharing
You will receive a share of any declared surplus* from the Takaful Fund. It is a key feature of a Takaful plan.
Coverage
The Fire Takaful Plan provides financial protection against specified perils, covering loss of or damage to the covered property, resulting from one or more of the following perils:
- Fire
- Lightning
- Riot, Strikes and Malicious Damage
- Vehicle Impact Damage
- Earthquake
- Bursting or Overflow from water tanks, apparatus or pipes
- Landslide or subsidence
Alternatively, the Property All Risks Takaful Plan is an All Risks Plan covering loss of or damage to the covered property. For full details on the coverage, please refer to the Plan’s Terms and Conditions.
Renewal
The Planholder can apply for renewal of the Plan before its expiry date. However, renewal may be subject to SABB Takaful
imposingadditional conditions or an increase/decrease in the contribution rate, based on the Planholder’s loss record or any material changes in the risk covered.
Protect your business today
Apply for your Fire/Property All Risks Takaful Plans now.
Important notes
Fire/Property All Risks is underwritten by SABB Takaful, 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 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.
