Group Care Takaful Plan
Caring for your employees is an integral element of sustaining a successful business with continuous productivity. It also helps to attract and retain qualified employees when they feel their well being is being looked after.
Group Care Takaful Plan is designed for your employees, providing them with a comprehensive cover in the event of death (God forbid) during their employment in the company. What’s more, our SABB Takaful Shariah Committee of leading scholars assure you that this plan is Shariah compliant.
In a competitive market companies are beginning to look at ways of promoting staff loyalty amongst employees. The Group Care Takaful Plan can help you have greater peace of mind, today and tomorrow, for your business!
Takaful concept
Takaful means "guaranteeing each other" in Arabic. It is an Islamic system of mutual insurance built around the concept of 'tabarru' (donation/gift).
'Tabarru' contributions are intended to help other participants faced with difficulties and to eliminate the resemblance of Takaful to gambling and exploitation. Each participant contributes to a fund to cover expected claims, while also benefiting from a share of investment returns.
SABB Takaful’s role is to manage the Takaful operations and invest the Takaful contributions in line with the Shariah principles. Participants share in profits of the fund with the understanding that these may be forfeited to cover losses. When there is surplus, it is jointly shared.
Features and benefits
Peace of mind
This plan provides financial security for your family in the unfortunate event of death or disability
Shariah Compliant
You can rest assured that this plan is fully Shariah compliant and it is approved and guided by the SABB Takaful Shariah Committee. Our Shariah Committee members are:
1 - Sheikh Abdullah Bin Sulaiman Al Manea
2 - Sheikh Dr. Abdullah Bin Mohammed Al Mutlaq
3 - Sheikh Dr. Mohammed A. Elgari Bin Eid
Takaful benefit
A lump sum payment will be made to the employee’s appointed beneficiary in the event of death (God forbid).
Takaful surplus sharing
The Takaful Fund will be reviewed at the end of each financial year. Any declared surplus* will be distributed to the participants.
Optional additional benefits
For a more comprehensive coverage, the following rider benefits may be added to the basic plan:
• Total and permanent disability benefit
• Partial and permanent disability benefit
• Accidental death benefit
• Repatriation expenses
• Temporary and total disability benefit
• Accidental medical expenses benefit
• Passive war risk benefits
Subscription
Any member who satisfies the eligibility conditions as stated in the terms and conditions, may join the scheme.
Care for your employees’ well being today!
Alternatively if you are SABB’s corporate customer, please call your Relationship Manager for more information. Make that positive difference to you business today!
