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QIB-UK, a wholly owned subsidiary of Qatar Islamic Bank Group, was fully authorized as an Islamic Bank by the UK Financial Services Authority in January 2008.
An investment opportunity to fulfill your aspirations
Afaq plan offers you two key benefits – Investment & Takaful protection. Today you may be enjoying a steady income, while dreaming of a prosperous future, meanwhile your present financial situation may not be sufficient enough to secure this prosperous future. With proper financial planning, combined with a Takaful plan, you can take joy in accomplishing your aspirations. Thanks to QIB-Medgulf Takaful Shari’a-compliant Afaq Savings Plan, you can plan for the future, today.
Afaq enables you to choose your required Takaful cover and also invest in Shari’a Compliant funds irrespective of the minimum subscription required in each funds. This will give you the flexibility and convenience to grow your savings at a gradual pace according to your financial ability.
Key benefits with AFAQ Savings Plan
|Customer 1||Customer 2||Customer 3|
|Age at Entry||25||35||45|
|Plan Term||10 Years||10 Years||10 Years|
|Annual Contribution||12,000 QAR||20,000 QAR||30,000 QAR|
|Total Contribution over 10 years||120,000 QAR||200,000 QAR||300,000 QAR|
|Life Cover (Based on 5x AnnualContribution)||60,000||100,000||150,000|
|Estimated Maturity value at 5%||134,361||223,541||332,031|
|Estimated Maturity value at 9%||166,233||276,612||411,031|
|Afaq Saving Plan Specifications|
|Plan Name||AFAQ Savings Plan|
|Description||Unit linked plan having focus on saving regularly for the future|
|Protected Person||Own Life|
|Age at Entry||Minimum 18 years
Maximum 75 years
|Afaq Plan Term||5 to 10 years|
|Maximum Maturity Age||85 years|
|Minimum Takaful Cover||Zero|
|Maximum Takaful Cover||
|Frequency||Annually, Semi-annually, Quarterly & Monthly|
|Plan Currency||Qatari Riyals (QAR)|
|Based on the Takaful cover you selected, the benefit will be:|
|Death Benefit||1. Amount of Takaful cover opted
2. Outstanding value of investment
3. Share on surplus from participant risk fund (if any)
|Maturity Benefit||1. Outstanding value of investment
2. Share on surplus from participant risk fund (if any)
|Partial Redemptions||May be made any time after 2 years subject to maintaining a minimum balance of QAR 3,600 in the contract|
|Surrender||May be done anytime during the contract subject to surrender charges. Surrender charges not applicable after completion of 5 years of contract and payment of related contributions|
|Other Features||Increase and decrease of Regular contribution possible on contract anniversary
Increase (subject to underwriting) and decrease in sum insured possible on contract anniversary
IMPORTANT NOTICE: The product mentioned in this brochure is designed and underwritten by Medgulf Takaful. This brochure contains only general information. It does not constitute an offer to buy or sell a Takaful plan or service, nor is it intended to provide any financial advice. Any person interested in this plan should read and consider its complete Terms and Conditions before making a decision. Medgulf Takaful shall conduct the underwriting of any contract relating to Takaful Products. The execution of any such contract is subject to Medgulf’s prior approval. Please request further information from your Relationship Manager at QIB.
Medgulf Takaful - QFC Branch Al Emadi Business Center office # 7, Ground Floor, C Ring Road, Doha, Qatar PO Box 200193 Authorized By Qatar Financial Center Regulatory Authority.