This is a Takaful savings/investment scheme meant to achieve one of the pillars of Islam (Hajj) or umra. It is a savings toward going for pilgrimage to the Holy land of Mecca. It enables the participants to save in piece meal over a period towards the attainment of Hajj. Duration ranges from 1 year and above.
Key Features
Systematic savings for hajj
Attractive returns on investment based on the Islamic concept of Al-Mudharabah
Flexible maturity period ranging from 1 year and above
Financial protection to the dependents in the event of untimely death based on the principle of Tabarru
Tax relief on contributions
Takaful installments not forfeited in the event of cancellation
Eligibility
Anyone between the ages of 18 and 60;
Contribution Period
Ranging from 1 year and above
Takaful Installment
As low as N6000.00 (Six thousand naira) per month
Mode of Payment
Direct payment by cash or cheque
Bank internet transfer
Direct debit
Distribution of Contribution
A larger proportion of the contribution will be credited into the Participant’s Account (PA) as savings towards hajj. The account is also credited with the Participant’s share of the profit
The balance (smaller portion) will be credited into the Participant’s Special Account (PSA) as “Tabarru” for the payment of death benefits.
Payment of Benefits
On Maturity:
The total amount in the Participant’s Account plus profit sharing;