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Taking care of your financial requirements is our duty, looking after and protects it at all times. Therefore SIB presents our Credit Life Takaful which covers all our finances & facilities.

Life Takaful Insurance Policy


The Group Credit Life Takaful is an Islamic Insurance scheme that aims to protect your loved ones by covering your liabilities with Sharjah Islamic Bank in the unpredictable event of Death or Permanent Total Disability (PTD).



a. Death*

b. Permanent Total Disability (PTD)* solely and directly resulting from accident and/or sickness, PTD benefits are subject to deferment of benefit until six (06) months.

*Except cases referred to in the exclusions.


Eligible Customers:

Life Takaful is compulsory for all individuals having finance with SIB:

1. Individual* customers of Sharjah Islamic Bank who are:

- UAE, GCC National, Expatriate and UAE Residents.

- Maximum age cover: 

  • Death: 70 years (or as decided by Takaful company)
  • PTD: 65 years (or as decided by Takaful company)

- Customer has to be actively at work (i.e. not on sick or medical leave) at the inception and has been continuously working for six (06) consecutive months.

* In case of joint applicants (two or more), claim(s) will be partially paid in pro rata for the deceased applicant(s) only.  


2. Key stakeholders* of selected companies, who are:


- UAE, GCC National, Expatriate and UAE Residents.
- Maximum age cover: 

  • Death: 70 years, or as decided by Takaful company
  • PTD: 65 years, or as decided by Takaful company

- Customer has to be actively at work (i.e. not on sick or medical leave) at the inception and has been continuously working for six (06) consecutive months.

*In case there are more than one partner (two or more), claim(s) will be paid based on the share of the partner in the company.


Effective Date and Period of cover:

Provided the customer fulfills the eligibility conditions and underwriting requirements, cover shall be effective on the date of the first disbursement of the finance as advised by Sharjah Islamic Bank until expiry of the financing period or upon termination of the Takaful policy by Sharjah Islamic Bank based on 30 days’ notice.  


Pensioner Cover:

Pensioner(s) will be covered provided that they are receiving regular monthly pension salary from UAE government into the account and provided the retirement was not due to any medical reasons.

Pensioner(s) will be covered for Death and Permanent Total Disability Any Occupation. However, all non-working borrowers (i.e. not actively pursuing employment), whether a Pensioner or not, shall be covered for Permanent Total Disability based on Activity of Daily Living (ADL) definition.

Therefore, Permanent Total Disability (PTD) shall mean the total and irreversible inability to perform activities in at least (4) out of the (6) following categories without the assistance of someone else:


  • Personal Hygiene: Washing or bathing to the extent needed to maintain personal cleanliness
  • Dressing: Putting on or taking off all necessary clothes
  • Mobility: Moving from one room to another or getting in and out of a bed or chair
  • Eating and Drinking: Eating and Drinking once food and drink has been prepared and made available
  • Using the Lavatory: Getting on and off the lavatory and maintaining personal hygiene
  • Continence: Controlling bowel and bladder function



Rate & mode of payment of Takaful contribution

Life Takaful Percentage: 

Please refer Schedule of Charges.


Mode of Payment:  

Deducted monthly from any of the customer’s account or through DDA mode of payment. 


Amount covered: 

Maximum cover will be the total debit outstanding with up to: AED 3,500,000 (or the amount approved by Takaful Company) up to the age of 64 years

Customers availing finance of above AED 3,500,000 will need to complete the Medical Underwriting requirements


Standard Exclusions:

The Takaful Provider shall not be liable for claims directly or indirectly caused by, resulting from, or in connection with any of the following:


  • War, invasion, act of foreign enemies, hostilities or warlike operations (whether war be declared or not), civil war, military rising, insurrection, rebellion, revolution, military or usurped power, martial law, mutiny or riot or civil commotion assuming the proportions of or amounting to a popular rising.
  • Atomic, Biological and Chemical contamination
  • AIDS if it was contracted prior to the commencement of Takaful cover
  • Criminal Acts committed by the insured member
  • Pre-Existing Conditions for Pensioners

For additional benefits, the following supplementary exclusions apply in addition to the above:

  • Mental and nervous disorders
  • Intentionally self-inflicted injury, suicide or attempted suicide (whether sane or insane)
  • Aviation, gliding or any form of aerial flight other than as a fare-paying passenger of recognized airline or charter service
  • Being under the influence of alcohol or drugs other than in accordance with the directions of a registered medical practitioner
  • Involvement in any underwater activity
  • Participation in or training for any dangerous or hazardous sport or competition or riding or driving in any form of race or competition
  • Engaging in any illegal act, breach of Law or criminal act
  • Engaging in or taking part in any naval, military or air force operation
  • Illegal pregnancy, abortion or childbirth
  • Disease or medical impairment, from which the insured was suffering, received treatment   for or was aware of at the commencement of his cover
  • Disability occasioned or contributed to by HIV infection, AIDS or an AIDS related condition



In case on any claims, Sharjah Islamic Bank should be informed no more than 270 days from the Date of Event or the claim will be rejected

Retail Real Estate Finance - Property Takaful

Property All Risks Takaful


Insured Name:







12 Months From the Date to be Agreed



Mortgage Finance Properties Takaful – Commercial/ Residential Properties


Scope Cover:

This policy will indemnify the Bank for outstanding Interest Principle amount in case of accidental loss of or damage to the property Insured whilst situated at the premises detailed in the specification or elsewhere in the U.A.E. as provided for within the policy (as declared in the sum insured).


This will include loss or damage by Fire, Lightning, Aircraft, Explosion, Earthquake, Riot, Strike, Civil Commotion, Malicious Damage, Storm, Tempest, Flood, Bursting or Overflowing of Water Apparatus, Impact by Own or Third Party Vehicles, and Theft or Attempted Theft (by violence to persons or threat thereof or by violent and forcible entry to or exit from the premises) and accidental damages, more detailed as per attached Property All Risk Policy Form.



All buildings variously located within the United Arab Emirates, including plant & machinery (air conditioners), permanent fixtures and fittings, compound walls, fences, gates, pavements, car parks, gymnasiums, swimming pools, exterior signage and the like, which is part of the building


Sum Insured:

Maximum up to AED 100,000,000/- except for warehousing and Aluminum Cladded Panels building


Fore Warehouses and Aluminum Cladded Panels buildings, sums insured more than AED 70,000,000/- need to be declared 5 working days prior to attachment of cover


Extensions/ Conditions:

  • Claim notification clause – 5 Working Days
  • Automatic Re-instatement of Sums Insured at pro-rata additional premium following a loss.
  • Replacement/ Reinstatement Clause (85.00% Average Clause)
  • Designation of Property Clause,
  • Temporary Removal Clause,
  • Adjoining Property Clause
  • Workmen Clause
  • All Other Contents – Limit: AED. 2,500/- anyone occurrence excluding Cash, Jewellery and other valuable items.
  • Fire brigade and other Fire Extinguishing Costs – 5% of the claim maximum AED. 200,000/- any one occurrence
  • Public Authorities clause
  • Professional Fees – 5% of Claim, maximum AED. 50,000/- anyone occurrence.
  • 60 day Notice of cancellation by Insured or Insurer with Pro-rata adjustment
  • 72 Hours Clause.
  • Debris Removal Costs – 5% of claim, max AED. 500,000/- anyone occurrence.
  • No Control Clause
  • Loss Minimization Clause – due to an insured peril only subject to limit 5% of the claim, max AED. 50,000/- any one occurrence.
  • Capital Additions – 10% for each Property.
  • Expediting Expenses – 5% of the claim, max AED. 100,000/- anyone occurrence.
  • Payment on Account – if loss is admissible and recommended by Loss Adjuster.
  • Non-invalidation
  • 60 days un-occupancy period
  • Innocent Non-disclosure
  • Premium Payment Warranty – 90 Days
  • Automatic addition of properties to be notified to us within 15 days of the following month
  • IT/ Cyber clarification Clause,
  • Asbestos Exclusion Clause,
  • Transmission and Distribution Lines Exclusion – LSW 1635,
  • Nuclear Energy Risks Exclusion Clause – NMA 1975(a),
  • Institute Radioactive Contamination, Chemical, Biological, Bio-chemical and Electromagnetic Weapons Exclusion Clause – CL 370,
  • Biological or Chemical Materials Exclusion - NMA 2962,
  • Radioactive Contamination and Explosive Nuclear Assemblies Exclusion Clause - NMA 1622,
  • Information Technology Hazards Clarification Clause - NMA 2912,
  • Industries, Seepage, Pollution and Contamination Exclusion Clause No. 3 – 1685,
  • Electronic Data Endorsement B - NMA 2915,
  • War and Terrorism Exclusion Clause - NMA 2919,
  • Political Risks Exclusion,
  • Excluding Sabotage and Terrorism,
  • Sanction Limitation and Exclusion Clause – LMA3100,
  • Micro-organism Exclusion (MAP) (Absolute) – 279MAP00001,
  • Water seepage and underground water table exclusion clause,
  • Excluding Losses arising out of any fit-out/machinery erection/Snag works,
  • Communicable Disease Endorsement LMA 5393
  • Notwithstanding anything contained elsewhere in the Policy to the contrary in case of an indemnifiable loss or damage, the undamaged Property and/or the undamaged portion of the cladding are not covered under the subject claim.
  • Survey will be conducted for all Warehouses and Complete Residential Buildings having Aluminum Cladding Panels




For Residential/ Office Buildings, Units or Floors - AED. 2,000.00 each and every loss

For all other - AED. 5,000.00 each and every loss


Policy Condition:

All Commercial Properties will be underwritten on case to case basis: –  

  • For properties, less than AED 10 Million, insurer to issue terms based on construction occupancy protection exposure (COPE) details, and pictures of the Risk/Valuation Report
  • For all the properties in excess of AED 10 Million, insurer to carry out the survey prior to releasing the terms
  • A guarantee TAT of 1 - 2 working days for less than AED 10 Million cases and 3 – 5 working Days for cases more than AED 10 Million sums insured
  • Renewal Notice / intimation will be issued minimum 30 days prior to renewal
  • Auto Renewal for Residential Units only



  • Claim notification to the Bank/SIB – within 4 working days of claim incident
  • Non-compliance of timelines will result in forfeiting of the claim from the customer
  • Customers has to submit the claim request at the SIB Branch
  • Upon reviewing the claim notification, Insurer will specify the required documents from the customer or if there is a need to appoint a surveyor to communicate the final decision on the claim to Bank/customer, after all required documentation is received and to clarify to the customer what is payable and what is not payable.