QIB Launches “Walady” Child Education Plan
28/10/2014, Doha, Qatar
Qatar Islamic Bank (QIB), Qatar’s Leading Islamic Bank, has introduced a Child Education Plan called “Walady” to help its customers secure a bright future for their children. “Walady is QIB’s response to the desire of many parents, who want to secure their children’s future by setting aside funds for their college or university education. It is a long term savings and investment plan coupled with Takaful protection for the parent, and offers a return on contributions depending on the fund’s performance.
The “Walady” Child Education plan has many benefits where on maturity of the contract, the outstanding value of the Participant’s Investment Account is paid in a Lump sum to take care of the education needs of the child. In the case of the unfortunate early death of the parent, the amount of Life Cover is paid upfront to the nominee as per the Terms & Conditions of the contract; and future Regular Contributions are made from this fund until the end of the contribution payment period. Finally, in the event of the parent’s total disability, regular contributions will be paid until maturity of the plan subject to satisfying the claim conditions.
D. Anand, General Manager of QIB’s Personal Banking Group, stated that the Walady Child Education Plan is yet another example of the Bank’s ongoing efforts to provide customers with innovative products and services. “All parents want to secure their children’s education, which laid the foundation to develope this product, enabling parents through flexible payments to secure their children’s education. You can trust the Shari’a compliant Child Education Plan to help meet the responsibilities of parenthood,” he said.
Walady Child Education Plan is underwritten by Medgulf Takaful.
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. Losses are divided and liabilities are spread according to the community pooling system. Uncertainty is eliminated in respect of contributions or compensations and it does not derive advantage at the cost of others.
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