CIMB Islamic Bank Berhad launched Takaful Mulia, a first-in-market Takaful policy specially designed for Muslims to benefit from coverage upon death or Total Permanent Disability (TPD) , savings and benefits related to Islamic religious obligations such as waqf”, “zakat”, “fidyah/sadaqah”, and “hajj/umrah”.
Takaful Mulia also provides an additional 100 per cent of sum assured for accidental death or TPD that occurred in a mosque or surau, and/or while performing the Hajj or Umrah.
Takaful Mulia is the latest addition to CIMB Islamic’s suite of Takaful solutions developed exclusively for CIMB Islamic by its bancatakaful partner, Sun Life Malaysia Takaful Berhad.
“CIMB Islamic, in partnership with Sun Life Malaysia, has always focused on the best value proposition for our customers.
“Through innovative and compelling propositions such as this first-in-market Takaful Mulia, subscribers can fulfil their religious obligations, even upon death or total permanent disability.
“With CIMB Islamic and Sun Life Malaysia’s combined capabilities, customers can look forward to further innovative products that make takaful both functional and spiritually fulfilling as part of their financial planning journey based on Shariah principles,” said Group Islamic Banking, CIMB Group, chief executive officer Rafe Haneef.
Sun Life Malaysia Takaful Bhd chief executive officer, Muhammad Fikri Mohamad Rawi said: “Charity is one of the few deeds in Islam that need not end upon a person’s demise.
“We are proud to have partnered with CIMB Islamic to offer this innovative Takaful Mulia which helps CIMB clients to not only leave something for their loved ones upon their demise, but also fulfil their religious obligations of “waqf”, “zakat”, and “sadaqah”.
“Takaful Mulia has definitely struck the right balance between protection, savings and spiritual fulfilment, setting a new benchmark in Malaysia’s takaful industry.”
Benefits of Takaful Mulia will include Financial and Protection Benefits such as a lump sum amount of 100 per cent of the sum covered plus the value of universal account in the event of death or TPD.
Other than that it will include an additional lump sum amount of 100 percent of sum covered in the event of accidental death or TPD at the Mosque/Surau or while performing Hajj/Umrah as well as a lump sum amount of RM2,000 if or when the person covered embarks on the Hajj/Umrah trip
Not to mention the benefits of Takaful Mulia will include Spiritual Benefits such as a regular waqf contribution (3 percent from total contribution) payable to the appointed waqf body.
Additionally, an additional 10 percent of the sum covered payable to the appointed waqf body in the event of death or TPD.
The Spiritual Benefits will also include either a 2.5 percent payment from universal account value to appointed zakat body in the event of death or TPD or a final benefit payout or surrender of the contract
Finally, a lump sum payout of RM1,000 as fidyah/sadaqah payout in the event of death.
Takaful Mulia is also offered as part of the recently launched CIMB F.I.R.S.T. (Finance, Insure, Returns, Save and Transact), a holistic financial planning proposition that is unique to each customer’s needs and life stage.