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Discover our Takaful Unit-Linked Plan

19/04/2021

A TAKAFUL PLAN THAT PROVIDES PROTECTION AND SAVINGS 

Our Takaful Unit-Linked Plan combines traditional protection with a savings solution to assist you in realising your projects and to meet your family obligations. From your children's education to your retirement and your Hajj or Umrah pilgrimage, our Shariah compliant plan ensures protection, savings and financial flexibility for you and your family when you need it most. 

 

WHAT IS TAKAFUL?

Takaful is a cooperative insurance mechanism based on the principles of solidarity and reciprocity. Every participant contributes to a fund to assist fellow participants to achieve their objectives. A scheme based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid in case of need. Our Shari ah Committee is composed of trusted names in the international Islamic banking and insurance sector and oversees the fund. It ensures that Islamic restrictions on interest, gambling, and uncertainty under Shariah Law are respected.

HOW DOES IT WORK?

As a participant, you contribute to the Takaful fund which we manage and administer on your behalf. Your monthly or lump-sum contribution goes into a non-interest-bearing account, which is invested in carefully selected Shari ah compliant funds.


Your contributions will be used for the following purposes:

  • Wakalah and fund management fees.
  • Tabarru (Death and Disability Cover Contribution) assists fellow participants in times of need.
  • Retakaful contributions, to ensure fund stability and solvency in high claims periods.

 

ARE THE INVESTMENTS SHARIAH COMPLIANT?

Once all the Wakalah, policy fees and Tabarru have been catered for, the remaining contributions are used exclusively for investment purposes. They are invested into approved bonds (sukuks) or equity funds. The investment portfolio is reviewed on a regular basis by the Shariah Committee to ensure compliance with Islamic principles. Unlike investments in conventional capital markets, Shariah compliant investments have also shown greater stability in times of financial crisis, due to stricter regulations.

Shariah compliance is based on MUA Life Ltd's Special Committee on Shariah Compliance and Investment. 

 

For more information, call on 207 2500

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