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.
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).
Cover:
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:
- 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:
- 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:
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:
For additional benefits, the following supplementary exclusions apply in addition to the above:
Claims:
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
Insured Name:
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SHARJAH ISLAMIC BANK |
Address:
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UAE |
Period: |
12 Months From the Date to be Agreed
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Program: |
Mortgage Finance Properties Takaful – Commercial/ Residential Properties
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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.
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Interest: |
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
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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
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Extensions/ Conditions: |
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Deductible: |
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
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Policy Condition: |
All Commercial Properties will be underwritten on case to case basis: –
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Claims: |
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