Posted on May 09, 2019

Qatar Islamic Bank (QIB) is pleased to announce the launch of an affordable Takaful product for low-income workers called “Family Sheild - WPS”, underwritten by Daman Islamic Insurance company (Beema).

This comes as part of the Bank’s efforts in offering products and services tailored to the needs of Qatar’s entire population. This low cost Takaful product can also be purchased by companies who want to give additional protection to their employees and is available in QIB industrial area branch located in Barwa Commercial Avenue.

Qatar is home to numerous people from around the world, with a large percentage of the expat population pertaining to the workers segment, supporting the large infrastructure projects, that are in progress as part of Qatar National Vision 2030 and the preparations of the FIFA 2022 world cup. The Family Shield WPS Takaful plan is designed for these workers providing financial security for their families in case of any unforeseen eventualities. The  plan can be purchased by contributing QR 10 per month or QR 120 per annum and provides a cover of QR 50,000 for death and QR 100,000 in case of death due to accident.

“Offering a Sharia’-Compliant Takaful program to the low-income expatriate workers is another testament of QIB’s commitment on finding innovative solutions for all its customers and playing its role in the society. This unique takaful product is useful and simple as it can be easily purchased instanty over the counter without any medical tests.” said D. Anand General Manager of Personal Banking Group. “QIB is well aware of the worker’s concern for their family’s wellbeing in case of unseen events and wanted to provide them with an affordable and useful Takaful solution.”

Takaful is a co-operative system of insurance, where members contribute a certain sum of money to a common pool. It is defined as an Islamic insurance concept under which policyholders cooperate among themselves for their common good. Every policyholder pays their contribution to help those who need assistance.