The TBK Al-Ikhtiyar Savings is a new takaful plan based on the Hybrid (Wakalah and Mudharabah) concept, offering a long-term personal savings fund, with security/protection to ease the financial burden of the Participant or the Participant’s next of kin in the event of death or Total Permanent Disability. The product details can be found here.
The contribution rate for these participants will stay the same as it was under their current takaful product(s). This ensures fairness and consistency with the original terms.
All participants are scheduled to transition. However, if you choose to not proceed with the transition, please notify us by 30th June 2025.
If we do not hear from you by 30th June 2025, your plan will automatically switch to the TBK Al-Ikhtiyar Savings and you will be deemed to have agreed to the transition and its terms and conditions as per TBK Al-Ikhtiyar Savings Product Wording without any Wakalah fees involved. More details can be found here.
No, your plan’s core benefits will stay the same. Additionally, this product provides improved benefits that meet market standards.
No, once you transition to the TBK Al-Ikhtiyar Savings, it is not possible to go back to the old plan.
There will be no additional costs or fees involved.
All existing participants will transition to the Al-Ikhtiyar Savings as part of streamlining our takaful offerings. The terms and conditions of your coverage will remain unchanged, but you will gain enhanced benefits, including better coverage and increased savings.
This transition offers improved protection and the potential for greater long-term savings without affecting your current terms. Participants who opt out may miss these valuable benefits.
Should you prefer not to proceed with the transition, you may opt out by notifying us by 30th June 2025. Participants who opt out will receive a refund of their savings portion, including any applicable profits and their existing takaful plan will be cancelled with applicable fee of $30.
We encourage you to make this transition to enjoy these improvements.
To assist you with the transition and for further details, please do not hesitate to contact us at +673 2231100 or via Whatsapp at +673 7371100.
