Frequently Asked Questions
What is Takaful?
Takaful is a unique Shariah Compliant alternative to insurance. It is essentially a cooperative risk-sharing mechanism established for the well-being of the community. Based on the concept of mutual cooperation, solidarity and brotherhood, Takaful participants contribute to protect one another against unpredicted risk and catastrophe.
What is the minimum / maximum contribution amount required to avail this plan?
You can select your contribution amount from the following contribution bands:
Can the contribution amount be different from these pre-defined bands?
No. You need to select from the above defined contribution bands.
Am I eligible for the plan?
This plan is available to all Faysal Bank Limited customers from 18 to 60 years of age. Since it is a long-term Takaful and Saving product, the minimum duration of the plan is 10 years. There is no maximum plan period as long as the age of the Membership Holder does not exceed 70 years upon maturity.
How does this product work?
Your regular contributions during the tenure of the plan are segregated into two parts; a certain portion goes to the Waqf Fund which ensures cash benefit in case of death and the remaining goes to your investment account which steadily builds up to give a good maturity value.
Can I increase or decrease my contribution amount?
Yes, you can increase or decrease the contribution amount within the defined contribution bands.
What if I have any questions or concerns?
In case of any queries, feel free to get in touch with us at [email protected] or call our Customer Interaction Centre 111 06 06 06. You may also contact your nearest branch or visit our website www.faysalbank.com
Who is responsible for paying the claim?
Pak Qatar Family Takaful Limited (PQFTL) is responsible for paying your claim.
How many beneficiaries can I appoint?
You can appoint up to four (4) beneficiaries. In case of multiple beneficiaries, the claim amount is paid according to the percentage specified at the time of buying the plan.
Can I partially withdraw funds from my savings?
No partial withdrawal of funds is allowed.
What documents do I need to avail Faysal aikFaisla Takaful Save and Protect Plan?
Apart from having an account with Faysal Bank Limited, you only need to submit your CNIC copy.
Customer Age: 29 years
Contribution: PKR 30,000 annually