Takaful is a mutual arrangement between the parties in which they agree to provide material assistance to one another or a group, in time of misfortune. It is a Shariah compliant way of safeguarding oneself against future financial losses. A Takaful product assists Participants to share their risk on the basis of cooperation, brotherhood, mutuality and solidarity for a common good.
The key components of Takaful are as follows:
Takaful is a mutual arrangement between the parties in which they agree to provide material assistance to one another or a group, in time of misfortune. It is a Shariah compliant way of safeguarding oneself against future financial losses. A Takaful product assists Participants to share their risk on the basis of cooperation, brotherhood, mutuality and solidarity for a common good.
No. Takaful is catered to all races and religion and individuals who are interested to invest for security and protection of their loved ones.
Takaful Operator is an organization which manages Takaful Fund and takes up the responsibility of determining contribution amount, collection of contributions and paying claims to eligible Participants. In this role the Takaful Operator charges ‘Wakala’ fee for its services.
Following are a set of controlling documents for Takaful:
Securities and Exchange Commission of Pakistan is the regulator for all insurance and Takaful companies in Pakistan.
Contribution means the amount payable by the participant to an operator under a Takaful contract.
The term ‘Wakala’ (Agency) is derived from the word ‘Wakeel’ (Agent). It is the fee incurred by a Takaful Operator from the Participants Takaful Fund to manage the Takaful Fund.
Participant means a person who participates in a Takaful scheme and to whom a Takaful Contract is issued.
Hemayah defined as ‘protection’ in Arabic, is a policy that provides support to protect your family’s future on every step of the way.
Hemayah EFU Life Takaful Savings Plan is Shariah Compliant investment and protection mechanism that provides you a valuable coverage as well as an opportunity to accumulate your savings from medium to long term.
EFU Life is the Takaful operator for EFU Life’s Takaful Savings Plan which is one of the largest life insurance companies in the private sector. It is operating in Pakistan for more than 20 years and is among one of the largest fund managers in Pakistan.
We suggest that you talk to our takaful agent and they will then explain you various types of takaful products that will best suit your financial needs.
An investment-linked plan is a plan that combines investment and protection into the plan. The contributions that you pay provide coverage not only for your protection needs, but will also be invested in a Shariah Compliant investment fund that will grow your investment portfolio.
The frequency of contribution can be selected annually, semiannually, quarterly and monthly depending upon the convenience of the participant.
The Takaful benefit depends on your total contribution, health condition, age and the term of the membership.
The contributions are invested in Shariah compliant mutual fund i.e. Takaful Growth Fund. The investments have the approval of the Shariah Advisor of EFU Life and are managed by EFU Life itself.
