FNB Islamic Banking launches Takaful

Amman Muhammad, CEO of FNB Islamic Banking.

Today FNB Islamic Banking launched Takaful – simply defined, it is an innovative solution which is a co-operative system of reimbursement in the case of loss, which is organised as an Islamic compliant alternative to conventional insurance.

As with conventional insurance, and similarly under Takaful, individuals and companies that are specifically concerned about managing the day-to-day risks that their assets are exposed to, make regular contributions, usually in the form of monthly premiums, to be reimbursed to members in the event of loss and is managed on the customer’s behalf by a specifically appointed Takaful operator.

According to Amman Muhammad, CEO of FNB Islamic Banking “the Takaful offer is the perfect complement to a holistically complete range of financial services offered by FNB Islamic Banking. We welcome the Takaful offer as it essentially now joins our bouquet of highly competitive products and services that include world-class Islamic transactional banking, asset finance and an extensive range of Islamic investment options. We now can truly claim to be a one-stop Islamic financial services shop.”

Takaful from FNB Islamic Banking offers a real alternative to short-term insurance which caters for commercial, vehicle, personal, body corporate and household cover. In time, this cover will extend to other forms of Islamic compliant insurance.

“By expanding our offering to include Takaful, we are now able to finance assets and also allow for their protection by using credible and compatible insurance products which are in conformity with the principles of Shari’ ah. Takaful, as with all of our other Islamic financial services, are available to Muslim and non-Muslim customers alike” adds Muhammad.

Takaful from FNB Islamic Banking means customers will be assured of world-class cover and the speedy handling of claims with minimal disruption using trained professionals.

In line with FNB’s culture of innovative solutions aimed at helping our customers, this Takaful offering adds to a truly unique value proposition that most South Africans will become familiar with as it strongly advocates ideologies of mutual assistance very much like those of Ubuntu, it is at its most basic a community approach to managing risk in a responsible manner” concludes Muhammad.