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Sarparast Family Takaful Plan

Partnering to safeguard your future

Al Baraka Bank (Pakistan) Ltd. in association with Pak-Qatar Family Takaful Limited is offering an exclusive product “Sarparast – Family Takaful Plan”. Sarparast is a Shariah Compliant savings and investments plan exclusively designed to cater to your Takaful needs.

Illustrative example:

Every customer has a different need, so we have a variety of investment plans to choose from. You may wish to save for

  • Your daughter’s marriage
  • Higher education of your child
  • Plan to perform Hajj next year or plan a vacation anywhere in the world!

– Al Baraka Sarparast caters to the diverse needs  and offers the best takaful plan :

Projection of Benefits

Age 35
Sum Covered Rs. 1.5 Millions
Annual Contribution Rs. 100,000
Plan Term 15 Years
Frequency Annual
Maturity Benefits at 7 % assumed return 1.9 Millions
Maturity Benefits at 9 % assumed return 2.3 Millions
Maturity Benefits at 11 % assumed return 2.7 Millions

*This is based on assumption and subject to actual experience. Conditions apply.

Key Features:

  • Saving for long-term needs in the future.
  • Regular contributions invested in a diversified portfolio of Islamic funds ranging from Sukuk to Mutual Funds, based on the customer’s risk appetite.
  • Flexible plans in terms of frequency of payment.
  • Takaful cover allows family to receive funds, in case of death of the participant.

Al Baraka’s Sarparast, safeguards your future, while giving you the financial freedom you deserve. It helps you plan necessary events of your life from marriage to education, retirement to vacations or pure savings in accordance with the Islamic principles.

As you are Al Baraka’s account holder we offer the following benefits:

  • Better access to a wider range of Shariah Compliant financial products/services through a one-stop shop experience; Takaful plan issued on the spot.
  • Processing on copy of CNIC only.
  • No medical examination required.
  • Minimum processing time.
  • 24/7 customer service available through Al Baraka Phone Banking.
  • Maximum application acceptance.

Additional Benefits:

  • Contribution increase and decrease*
  • Switching of Investment Strategies*
  • Partial withdrawal*
  • Payment deferral*

*Conditions apply

Sarparast Frequently Asked Questions

How is it shariah compliant?

It is our commitment to put our customers’ values foremost, hence providing them with the banking solutions that are in line with their beliefs. ABPL products and services are approved by the bank’s Shariah Advisor Justice (R) Khalil-ur-Rehman Khan, who has served as Chairman on the Shariat Appellate Bench of the Supreme Court of Pakistan and has been the Rector of the International Islamic University, Islamabad. He is assisted by Mufti IftikharBaig and Mufti Abdullah Najeeb as deputy Shariah Advisor.

Why should I avail the AL Baraka “Sarparast- Family Takaful Plan”?

Al Baraka Sarparast helps you save that gives you market comparable returns in order to have the required resources to carry out your future plans, whether it is for higher education or marriage of your child or the purchase of your house. Simultaneously you enjoy a Takaful cover, which would allow your family to have the required funds available in case of death.

What is the minimum and maximum contribution that I can make?

The minimum annual contribution under the plan is Rs. 56,000; whereas there is no limit to maximum contribution.

What are the applicable ages and minimum duration of this plan?

  • Minimum joining age is 18 years.
  • Maximum joining age is 60 years.
  • Minimum duration is 7 years.
  • Maximum age at maturity cannot exceed 70 years.

How soon can I get this plan?

Mostly Al Baraka Sarparast cases are approved within 30 minutes and you can confidently possess your tailor-made Takaful plan.

Does the plan offer any free look period?

14 days free look period as per the SECP requirements.

Can I access* my savings when I need them?

Yes, you can access your Al Baraka Sarparast investment account as and when you wish.

Is there any medical examination* required before I can buy this plan?

For Al Baraka Sarparast, there is no medical requirement.

Can I make any additional contribution* to the Takaful Plan?
Yes, you can make contributions at any time during the plan term.  The minimum amount of this must be PKR 56,000.

Who handles claims?

Claims will be submitted at any branch of Al Baraka and they will be processed at Pak-Qatar Family Takaful.

What is Surplus Sharing and how does that make a difference?

Surplus sharing is a key concept in Takaful and differentiates Takaful from conventional insurance. All contributions paid under Takaful are meant to guarantee two benefits; one a death benefit that is guaranteed by contributions to the Waqf fund and the other is the maturity value that is steadily built up through contributions to your Al Baraka Sarparast investment account. In case of any surplus in the Individual Family Takaful Participants Fund, this surplus is distributed among the participants in proportion to your net contribution into fund.  This surplus amount will be given to you in the shape of additional units being added to your Al Baraka investment account.

What if I have any queries or complaints?

You can contact any branch of Al Baraka or call at the call center at (021) 111 11 3442.

What are the benefits payables under this plan?

Maturity Benefit:

At maturity of the Al Baraka Sarparast plan you will receive the cash value in your investment account.

Death Benefit:

In case of death, during the term of the plan, the sum covered or the cash value, whichever is higher, will be paid to the beneficiary of the deceased.

Investment Management:

Al Baraka Sarparast – Family Takaful Plan has two investment strategies for you to choose from.  These investments are be managed by Pak-Qatar Family Takaful. You have the option to decide what proportion of the investment should go in which strategy and this choice may be adjusted at any time during the year without any charges for up to 3 switches a year.

Two investment strategies are:

SARPARAST CASH STRATEGY:  Primarily placements in Islamic Bank, Sukuks, etc.
SARPARAST EQUITY STRATEGY:  Primarily investments made in Shariah Compliant Mutual Funds and Shariah Compliant Equity.

Shariah Committee:

At Al Baraka Bank (Pakistan) Ltd, products and services are approved by Bank’s Shariah Committee, which consists of renowned Shariah Scholars.

  • The underwriter for ‘Al Baraka Sarparast – Family Takaful Plan’ is Pak Qatar Family Takaful Ltd.
  • Al Baraka Bank (Pakistan) Ltd. is only acting as a distributor in providing this facility and hence cannot be held responsible for settling claims emanating from this scheme or for the approval or rejection of any claim or for any act or omission on the part of the Insurer.
  • The actual values may be higher or lower than the once shown above, depending upon the performance of the underlying investment.
  • A description of how the contract works is given in the Participant’s Membership Document (PMD).
  • Pak Qatar family Takaful Limited will directly be responsible for all the liabilities under this said policy.
  • The rate of return in the projected cash flows is not guaranteed and it is not the upper or lower limit of what you might get back.
  • The final cash value of Al Baraka “Sarparast – Family Takaful Plan” is dependent on number of factors including future investment performance. The cash value and benefits shown assume that premiums are paid in full when due.
  • Al Baraka will not be responsible in any manner if your application or claim is rejected nor AL Baraka will investigate or provide any opinion on merits of the claim.
  • All guarantees mentioned in this brochure are backed by Pak Qatar Family Takaful. The bank is not responsible or liable for the performance of Pak Qatar Family Takaful on this part.
  • Past performance is not an indicative of future results therefore customer is advised to understand the terms and conditions of the plan.

Contact Details
For details you may contact

Pak-Qatar Family Tankful Limited
102-105, Business Arcade, Plot # 27-A
Block 6 – P.E.C.H.S. Shahrah-e-Faisal
Karachi 75400

UAN # (0213)-111-825238 Tel # (92 21) 34311747 – 56 Fax (92 21) 34386451
Email: bancatakaful@pakqatar.com.pk  URL: www.pakqatar.com.pk

Call Us: +92(21)-111-113-442

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