The Al Islami Takaful Programme was developed specifically to meet the needs of DIB customers by Munich-headquartered FWU, a global leader in Takaful expertise, with Dubai Islamic Insurance & Reinsurance Company (Aman) serving as the wakeel, or agent.
"As the leader in Islamic banking, the introduction of a takaful offering to our suite of products and services was a logical extension. Achieving international recognition for our efforts in such a short period of time is a source of pride for all of us at Dubai Islamic Bank. The response to the launch of this flexible and innovative savings programme has been tremendous, and we are grateful to FWU for their ongoing support."
said Dr. Adnan Chilwan, Chief of Retail and Business Banking, Dubai Islamic Bank.
"As the world's first Islamic bank and a global pioneer in Sharia-compliant wealth management, Dubai Islamic Bank has established a reputation for excellence across its operations," said Huan Woon Han, Head of Distribution Management, International Business, FWU AG. "It comes as little surprise, then, that the bank's clients have responded so enthusiastically to the Al Islami Takaful Savings Programme. We are delighted to present this award to Dubai Islamic Bank.
"FWU is committed to make DIB the leading Banctakaful player not only in the UAE but also the region," he added.
The Al Islami Takaful Programme offers a range of investment options to suit different risk profiles, with flexible payment options - from monthly contributions to one-time lump-sum contributions - and flexible maturity periods. Depending on their age, customers can choose a plan term from 7-30 years (for regular savings) and 3-30 years (for lump-sum investments). The product also offers the flexibility to increase or decrease contributions and make partial withdrawals at any time during the term.
The Al Islami Takaful Programme invests in Sharia-compliant funds that seek to generate attractive returns for participants. Returns on contributions made into the investments depend upon the performance of these funds.