Dubai Islamic Bank expands product portfolio with Al Islami Takaful Programme
Dubai Islamic Bank (DIB) announced the launch of Al Islami Takaful Programme, its Sharia-compliant savings plan with Takaful benefits, designed to meet the unique needs of customers looking for Islamic financial planning solutions.
The Al Islami Takaful Programme is the latest addition to DIB’s suite of wealth management solutions, which include savings schemes, mutual funds, and other structured products. This programme combines savings and investment plans with a personal Takaful protection, creating a unique product that offers two key benefits – savings and protection – within the same plan.
The Al Islami Takaful Programme has been developed specifically for the needs of DIB customers by FWU - a global leader in Takaful expertise, with Dubai Islamic Insurance & Reinsurance Company (Aman) as the Wakeel.
Highlighting the advantages of the new product Dr. Adnan Chilwan, Chief of Retail and Business Banking, Dubai Islamic Bank, said: “The launch of the Al Islami Takaful Programme is a key milestone in the execution of our retail banking growth strategy, as it signifies the introduction of another Islamic retail product offering savings, investment and protection to the bank’s customers.
This is further proof of DIB’s continued commitment to provide attractive financial planning solutions to different customer segments, in line with their needs and resources.”
The Al Islami Takaful Programme offers a range of investment options to suit different risk profiles, with flexible payment options – starting from monthly contributions to one-time lump sum contribution – and flexible maturity periods. Depending on their age, customers can choose a plan term from 7 to 30 years (for regular savings) and 3 to 30 years (for lump sum investment). The product also offers the flexibility to increase/decrease contributions and make partial withdrawals at any time during the term.
The Al Islami Takaful Programme is invested in Sharia-compliant funds that seek to generate attractive returns for participants in the programme. Returns on their contributions made into the investments will depend on the performance of the funds.
Dr. Chilwan added: “This programme gives customers the flexibility to switch between investment options at any time, make partial withdrawals and early encashments or even continue your investment plan after maturity. The annual solidarity 'Takaful' fund surpluses are distributed among all participants, proportionate to their contribution. Additionally, the programme also offers customers the opportunity to appoint up to four beneficiaries with an option to change the beneficiaries throughout the term of the investment, enabling complete peace of mind and protection to loved ones.”
Prospective customers can just walk into any DIB branch and meet a Customer Service Officer, who can provide advice on the right investment plan and structure of the Al Islami Takaful programme, to suit their individual requirements.