What is Pak-Qatar’s Savings & Takaful Plan?
A Shari’ah-compliant program, designed to help your savings grow over time and thus secure your future and the future of your loved ones. The program is also designed to offer protection from unforeseen circumstances, by combining its savings plan with Takaful protection in accordance with Shari’ah principles. The product is offered by Banks in association with Pak-Qatar &FWU AG, a leading financial services group based in Germany.
What is the core principle of Takaful?
Niyya, the core principle of a Takaful Membership is:
- what we do and how we conduct ourselves depends entirely on our Intentions.
- that for the creation or enactment of a Takaful Membership, most sincere and honorable intention is a pre-requisite. The other principles of Takaful are as follows:
- Membership holders cooperate among themselves for their common good.
- Surplus(if any) maybe distributed amongst the participants in proportion to their Takaful donations
- No advantage is derived at the cost of others
What are the main features in a Takaful Membership?
- Parties to the contract must be between the age of 18-60 years old and be mentally sound.
- The rule of 'Indemnity' (compensation for the loss) is applied.
- All the participants give Mutual consent, which forms the basis of voluntary purification.
- A definite time period of Membership (Certificate) and terms and conditions governing it.
Why choose Pak-Qatar’s Savings & Takaful Plan?
A Shari'ah Compliant Savings programme with a unique Waqf/Wakalah structure that combines professional asset management and Takaful benefits.
- Pak-Qatar’s Savings and Takaful Plan approved by the Shari’ah boards of All banks,Pak-Qatar and FWU
- The investment of the assets and of the Takaful Solidarity Fund is done on Shari'ah compliant terms
- The cost structure and individual participant's model calculations are transparent. Furthermore there are no exclusions that are often regarded by participants as being concealed in small print.
- Easy-to-handle administration of the Membership via the exclusive (FILOS) web based system.
- No applicant will be declined Takaful benefits (takaful amount be less), thus the unmatched Savings & Takaful Plan is offered to everyone.
What's the membership term?
The minimum term is 7 years; maximum: the participants age should not exceed 70 years at maturity of the term.
What's the frequency of the contribution?
Minimum contribution is PKR 5,000 monthly. Customer can select to make monthly, quarterly, semi annually or annual contributions
Can I make regular and single contributions?
Savings & Takaful Plan is a long-term regular savings programme where the customer has to make regular contributions. However, in addition to the regular contributions, customer can still make a single contribution at any time during the membership tenor to enhance the maturity value.
What are the investment options available under the programme?
Depending on your risk tolerance, you can select your contributions to be invested in 3 risk calibrated investment profiles; Conservative, Balanced and Growth which are cascaded down to Cash and Equity Strategies.
Can I switch between the 3 profiles (2 strategies)?
Yes. Based on the performance of the selected investment strategy (Cash & Equity), you are allowed 4 switches per annum free of charge.
Is the Capital protected?
No. Providing any sort of capital guarantee is non-shari’ah compliant hence capital protection cannot be offered.
Is my investment safe?
This product is underwritten by PQFTL and being distributed and marketed by leading national financial institutions (DIB, MCB, SCB, Faysal Bank, Al Baraka or Dawood/Burj Bank )
What are the risks associated with this product?
Your contribution will be invested in Shariah compliant funds, which are managed by expert investment managers, at Pak-Qatar Family Takaful to ensure optimized return with manageable risk exposure. Investments in this fund are being regulated under the Securities and Exchange Commission of Pakistan under Insurance Ordinance 2000 and Takaful Rules 2005. Providing any sort of capital guarantee is not acceptable in Shari’a, hence Al-Islami Saving & Takaful Plan does not provide any such commitment.
All payment commitments or obligations related to Saving and Takaful Plan are backed by PQFTL and Bank is not liable in any manner for the performance or non-performance of PQFTL’s obligations on this account.
How are the contributions invested?
The contributions are invested in Shari’ah compliant mutual funds which are selected by the dynamic fund selection and allocation model . The investments have the approval of the Shari’ah board of Pak-Qatar and are managed by Pak-Qatar itself.
What is the level of Takaful benefit I can apply for?
The Takaful benefit depends on your total contribution, health condition, age and the term of the membership.
Who can subscribe under Savings & Takaful Plan?
Savings & Takaful Plan is exclusively for the bank account holders of the respective bank on a single life basis (provision of cover for one person).
What if I want to leave the country?
The flexibility of the programme allows you to maintain your membership as long as you maintain your Bank account and you keep funding your account to meet your future scheduled contributions.
How many beneficiaries can I appoint?
Up to 4 beneficiaries can be appointed per membership at a time. You can also change the beneficiaries during the membership tenor.
Instant Takaful Membership Issuance – A Unique Feature
- Open your Bank rupee current or savings account, if you do not have one already.
- Choose a plan that suits your needs
- Submit your CNIC
- Fill in the Application form
- Now you can walk out with your Saving & Takaful Certificate in hand, your future and the future of your loved ones taken care of!