Nov 2019

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Qatar: Pioneer Islamic bank launches takaful product for low-income workers

Source: Middle East Insurance Review | Jun 2019

Qatar Islamic Bank (QIB) has launched a new takaful product targeted at low-income workers as part of the bank’s efforts in offering products and services tailored to the needs of the state’s entire population. 
Called ‘Family Shield WPS’, the policy is underwritten by Daman Islamic Insurance Company (Beema). This low-cost takaful product can also be purchased by companies that want to give their employees additional protection. 
Qatar is home to a large percentage of foreign workers who are supporting major infrastructure projects that are part of the Qatar National Vision 2030 as well as preparations for the 2022 FIFA World Cup.
The Family Shield WPS takaful plan is designed for these workers to provide financial security for their families in case of any unforeseen eventualities. The plan can be purchased by contributing QAR10 ($2.75) per month or QAR120 per annum and provides a cover of QAR50,000 for death and QAR100,000 in case of death due to accident. 
“Offering a shariah-compliant takaful programme to the low-income expatriate workers is another testament of QIB’s commitment to finding innovative solutions for all its customers and playing its role in society. This unique takaful product is useful and simple as it can be easily purchased instantly over the counter without medical tests. QIB is well aware of the worker’s concern for their family’s well-being in case of unforseen events and wants to provide them with an affordable and useful takaful solution,” said QIB general manager of personal banking group D Anand. M 
QAR1 = $0.27
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