'Mustaqbil' is a regular contribution Takaful plan that pays out a cash benefit in the unfortunate case of death or upon a pre-determined maturity date set by the participant.
Q: What is Takaful?Takaful is an Islamic way of safeguarding yourself and your family against future financial losses. It is a fully transparent, and fair ethical arrangement, which assists participants to share their risks on the basis of cooperation, brotherhood, mutuality and solidarity for a common good. Takaful products observe the rules and regulations of Shariah.
Q: How does Mustaqbil work?All regular contributions paid during the tenure of the plan are used to ensure two things:
- A death benefit
- A maturity benefit
Your regular contributions are broken up in two portions, one to ensure a cash benefit in case of death and the remaining portion goes to your investment account. Currently, there are two investment strategies that you can select from:
- Mustaqbil Cash Strategy
- Mustaqbil Equity Strategy
Q: What is Surplus Sharing and how does that make any difference to me?
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 the participant’s investment account.
In case of any surplus in the Individual Family Takaful Participants Fund, this surplus is distributed among the participants in proportion to their net contribution into fund. This surplus amount will be given to the participant in the shape of additional units being added to his/her investment account.
Disclosure
SCBPL is the third party distributor for ‘Mustaqbil’. The product is not guaranteed or insured by Standard Chartered Bank or its affiliates and is not a Standard Chartered Bank product.
For further information on Mustaqbil, you can simply walk in to any of our branches and one of our relationship managers will guide you on how you can ensure a better future through Mustaqbil or call us at 111-002-002
