Surplus payable to nearly11,000 customers
Dubai Islamic Bank (DIB) has announced that it has distributed a 10% surplus of the contributions to customers made under Al Islami Takaful Riayati Plan offered by SALAMA.The surplus amounts for Individual Plan holders have been credited to the accounts of customers for the year 2013-2014. Developed and managed by SALAMA, the leading provider of Sharia compliant Takaful solutions, the plan is distributed exclusively by DIB to customers across the UAE.
The Al Islami Takaful Riayati Plan is part of DIB’s comprehensive range of Sharia-compliant insurance solutions. Offering an affordable and competitive alternative to conventional insurance products, the plan protects customers and their families in instances of accidental death, illness and disability.
Customers subscribing to the plan agree to make donations to the fund, which are collected and used to support claims made on the plan by fellow participants. In instances where the total contributions made by customers exceed the amount of reserving, expenses and claims made by people subscribed to the fund, the excess is redistributed to clients in the form of a surplus, thereby ensuring that the plan abides by Sharia principles.
Raju Buddhiraju, Chief of Consumer Banking DIB, said: “We are extremely pleased to be able to redistribute a surplus to our customers this year, reiterating the fact that Islamic banking products are based on honesty, transparency and fairness. At DIB, we have focused on providing a broad suite of Sharia-compliant takaful products that offer our customers peace of mind in case of emergencies and will continue to add to the product suite in 2014.”
Noel D’Mello, General Manager, SALAMA, added: “We are pleased to have performed our role as a ‘Wakeel’ to the best of our ability, managing expenses prudently which has resulted in this surplus. The Al Islami Takaful Riayati Plan offers a range of protection benefits to the client and his/her family for a very minimal contribution. Clients get peace of mind and comfort that their contributions are being used for a good cause whilst being managed efficiently by SALAMA. Families, and by extension, society, gets the much needed financial support on the loss of the bread earner.”
This product can be purchased through any DIB branch or DIB’s online banking platform. It is an over the counter product that doesn’t require any medical underwriting or lengthy paperwork and is issued instantly. Customers applying to the Plan receive a range of coverage ranging from family takaful benefits, accidental medical reimbursement and permanent total disability benefits, amongst others.Dubai Islamic Bank Full Year 2024 Group Financial Results
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