Tabeer Saving Plan
Plan Today, Protect Tomorrow
Al Baraka Tabeer Saving Plan is an innovative Shariah-compliant product which is a customer friendly alternative to Banca Takaful/assurance that offers a unique combination of saving, investment and protection.
This saving plan is structured in a unique manner, differentiating it from several other products currently prevailing in the market by offering the customer better cash value from day one of the plan thereby maximizing benefits for the customers.
With peace of mind, you can now plan the following (but not limited to):
- • Children’s higher education
- • Children’s wedding
- • Retirement Plan
- • Any other financial objectives you may want to achieve
Tabeer Saving Plan is one of the way to add Baraka in your life through opting for flexible & attractive savings plan along with continuous protection (Fixed Term Life Takaful Coverage).
Al Baraka Tabeer Saving Plan… Turn your dreams into reality.
Features & Benefits
- • Start a saving plan with as low as PKR 66 per day (PKR.2,000/-per month) however minimum deposit required to have Tabeer Saving Plan is PKR 6,000/-
- • A wide range of saving plans available from 3 to 15 years
- • Convenience of Monthly/Quarterly/Annually payment options
- • Takaful Coverage from day 1 equivalent to total contribution assured
- • 100% cash value from day one along with the profit earned
- • Balloon payment facility
- • Monthly profit re invested into Tabeer Plan
- • Easy exit option; no hidden charges on premature encashment
- • Tailor-made options available
- • Convenient tracking of your investment growth through digital banking
- • 100% coverage in case of Permanent Total Disability (PTD)
Target Audience
- • Individuals only
- • Age Group: 18 – 55 years
- • No Medical Preconditions
- • Can save at least PKR 2,000 per month
Product Description
Al Baraka Tabeer Saving Plan is a recurring non-checking product in which customer will deposit funds on periodic basis as per agreed plan and receive a profit, hence multiplying the deposit.
The Takaful partner* provides takaful coverage to the customer for his saving plan throughout the period. Takaful coverage is the facilitation by bank for the customer and will pay contributions to the Takaful Company on account of customer.
The following scenario based example is self–explanatory.
Illustration: Tabeer Saving Plan (Child Education)
Let’s suppose Mr. Ahmed selects a 15 years saving plan with annual contribution of PKR.100,000/- for his son Usman. At maturity Mr. Ahmed would have received the following:
PKR. 4,998,035 /- @ 14.00% growth p.a
In case of death during 8th year of the plan; his nominated beneficiary will be entitled for the following:
1) The principal amount PKR.800,000/-
2) Accumulated expected profit PKR.708,535/-
3) Takaful Claim PKR. 1,500,000/-
Total Sum Given: PKR. 3,008,535/- @ 14.00% expected profit
| Customer | Annual Deposit | Tenure | Fixed Takaful Coverage | Saving at Maturity |
| A | PKR 24,000 | 5 years | PKR 120,000 | PKR 180,852 |
| B | PKR 60,000 | 10 years | PKR 600,000 | PKR 1,322,671 |
| C | PKR 300,000 | 15 years | PKR 4,500,000 | PKR 14,994,106 |
* Tentative profit rate used 14.00%
Shariah-Compliant Structure
Tabeer Saving Plan works on the underlying contract of Mudarabah and Wakalah.
Customer will deposit funds on periodic basis as per agreed saving plan on the basis of Mudarabah whereby Bank will act as a Mudarib (Manager) and Customer will act as a Rab-ul-Maal (Investor). Funds under this Mudarabah arrangement will be invested in the general deposit pool maintained by the Bank and the profit will be distributed as per agreed Profit Sharing Ratio and Weightage.
In Wakalah arrangement, the customer will agree to appoint Al Baraka Bank as his/her Wakeel (agent) for facilitation in the collection of takaful cover contribution, whereby the bank may, acting as a collection agent, collect Takaful cover contribution amount from the customer.
Multiple Plans
Customer can avail multiple saving plans as per bank’s guidelines.
Documentation
Customer must visit any Al Baraka Bank’s branch and sign up for Tabeer Saving Plan by submitting the following:
- • Illustration of saving plan
- • Application Form along with Terms and Conditions
- • Health Declaration Form
- • Product Fact Sheet
Takaful – An Overview
Takaful is an Islamic mode of safeguarding customers and their family against future financial losses. It is a fully-transparent and halal, fair and ethical arrangement, which assists participants to share their risk on the basis of cooperation, brotherhood, mutuality, and solidarity for common good.
Takaful Claim Process
Takaful Claims will be processed and settled by Pak Qatar Family Takaful. Al Baraka Bank shall only act as a facilitator and forward the case to Pak Qatar for earliest settlement. ABPL shall not be responsible for any claim made by a customer.
In case of Death of the Customer
In case of death of the customer during term, legal heirs (beneficiaries) of the customer will be entitled to receive actual deposit amount along with accrued profit. Additionally, the beneficiaries will also be entitled to receive Takaful claim amount from Takaful Operator as per agreed plan subject to fulfillment of criteria of claim process.
Visit our nearest Al Baraka Branch, where our experienced staff will assist and guide you regarding various products. We are just a call away through our 24/7 Phone banking at 111-113-442, with an extensive network of branches spread across various cities and towns in Pakistan.
