MCB Islamic Bank along with Adamjee Life-Window Takaful Operations (AL-WTO) have designed a product that can be customized to cater your specific needs in a Shariahh compliant way! Manafa, has all the essential ingredients that are required to keep you away from future financial worries and protect your family from all sort of life uncertainties.

Manafa is a high allocation Shariahh Compliant regular contribution unit linked family takaful certificate. A greater proportion of contribution is allocated to units in the early certificate years. The benefits of the certificate are largely linked to the value of the investments of the professionally managed Funds in which a proportion of the contribution is invested.

The Concept of Takaful

The word Takaful is derived from the Arabic verb Kafala, which means to look-after; to help; to take care of one’s needs. Takaful is a system of Islamic insurance based on the principle of Ta’awun (mutual assistance) and Tabarru (voluntary contribution), where risk is shared collectively by a group of participants, who by paying contributions to a common fund, agree to jointly guarantee themselves against loss or damage to any one of them as defined in the pact. Takaful is operated on the basis of shared responsibility, brotherhood, solidarity and mutual cooperation.

Why Manafa


The regular contributions are invested in one of the two professionally managed Shariah compliant strategies designed to help the savings grow to match the Participant’s choice of personal savings intention.

Takaful (Protection)

This is by way of transferring regular nominal contributions (‘tabarru’at’- as Takaful donations) into the WAQF Fund. This WAQF Fund protects your intention to save the agreed amount of as sum covered* over the tenure of the certificate.

*5 to 30 times of the total Annualized Basic Contribution (Basic Contribution x Mode Frequency = Annualized Basic Contribution).

Surplus Sharing

In addition to Risk mitigation benefits, Takaful offers a unique feature of Surplus sharing to the Participants. Surplus in the Waqf, if any, shall be determined on individual participant basis at the end of each financial year, after maintaining necessary reserves as per the advice of appointed Actuary and Shariah Adviser. The Distributable surplus will be allocated to the PIF as per define manner to the eligible Participants.

Plan Details

  • Fund Details

  • Certificate Benefits

  • Optional Supplementary Benefits

  • Contribution Allocation & Surrender Charge Structure

  • Bonus Allocation

  • Charges

  • Certificate Term & Eligibility

  • Basic Contribution Payment Mode

  • Disclaimer

Fund Details

Investment Options

Taameen Fund

Is a low to moderate risk profile fund that aims to generate stable and secure returns by investing mainly in Sukuk bonds and term deposit in Islamic Banks.

Maza’af Fund

Is a moderate to high risk profile fund that aims to generate higher returns over the long run by investing across a wide range of investments such as sukuk bonds, shariah compliant equities, Islamic mutual funds and term deposit in Islamic banks.

You are entitled to two initial free fund switches at anytime during every certificate year and each subsequent switch would be charged at Rs.300.

How your Investment Grow in a Shariah Compliant Way

Contributions made towards the Certificate are invested in either of Taameen Fund or Maza’af Fund. You can choose to invest fully in one of the fund that suite your investment strategy. The returns earned after deduction of risk charges, and investment management charges are credited to the unit account balance and accumulate as the certificate holder’s cash value. Funds are managed by a team of expert investment managers who adjust the investment mix in light of economic conditions and investment opportunities.

Certificate Benefit

Certificate Benefit

Choice of Family Takaful Coverage

You have the option to Choose from the different levels of family takaful coverage through protection multiple for the same amount of contribution.

Protection Benefit

In case the covered person dies during the certificate term, the sum covered or accumulated account value whichever is higher less any partial withdrawals, will be paid to the beneficiary(ies).

Free built-in Pilgrimage Coverage*

PKR 2 Million Coverage on Accidental Death during Hajj.

*Coverage will be terminated when person covered reached Age 65.

Certificate Maturity Benefit

At the time of maturity of the certificate term the person covered will get the amount equal to his/her account value.

Monthly Annuity Benefit

On survival of the Person Covered till maturity of the Certificate, the Monthly Annuity Benefit will be given as per the term selected by the Person Covered. The term can be 5, 10, 15 or 20 years. The units will remain invested over the annuity term.

Partial Withdrawal

Certificate offers the option of making partial withdrawals from your account value. Withdrawals can be made 4 times in a certificate year and are limited to 50% of the net cash surrender value subject to maintaining a minimum balance of Rs. 10,000/-

Free-Look Period

The certificate offers a free-look period of 14 days, in which you can cancel your certificate by contacting AL – WTO, and have your contribution refunded. However, AL – WTO reserves the right to deduct the expenses incurred on medical examination(s) of the person covered in connection with the issuance of this certificate.

Top up: (Ad-Hoc) / Top-up

By depositing a minimum payment of Rs. 10,000/- (over and above your regular contribution) you can enhance the growth of your invested capital through Top up. Top Up payment which has no upper limit will be allocated at 100% in the unit account and can be made & withdrawn anytime during the certificate term to boost your accumulated cash value.

Inflation protection: (Indexation)

This is a value-added feature to cover the inflation impact. Your contribution will increase every year by 5% of the previous years’ contribution with this option. The cash value will also increase accordingly.

Optional Supplementary Benefits

Optional Supplementary Benefits

You can enhance the Protection Benefit by selecting any or all of the following optional Supplementary Benefits subject to payment of additional contribution.

Spouse Protection Supplementary Benefit

In the unfortunate event of the death of the covered person’s spouse during the enforce term of this Supplementary Benefit, the Supplementary Benefits’ sum covered is payable.

Level Term Supplementary Benefit

The feature guarantees as lump sum amount payable to the chosen beneficiary in case of death of the person covered.

Waiver of Contribution Supplementary Benefit (WOC-Death)

On death of the person covered, AL – WTO will pay the initial (un-escalated) basic contribution for the remaining term of the supplementary benefit, the beneficiary will receive the maturity benefit at the end of the certificate term.

Critical Illness Supplementary Benefit

A lump sum benefit is paid to you in case you are diagnosed with one of the listed 20 diseases during the enforce term of this Supplementary Benefit. The lump sum benefit is additional to your main certificate benefit.

Accidental death & Disability

A lump sum benefit is paid to you or your chosen beneficiary in case of accidental death & disability

Waiver of Contribution Supplementary Benefit (WOC-Disability)

On total permanent disability of the person covered, AL – WTO will pay the initial (un-escalated) basic contribution for the remaining term of the supplementary benefit or earlier recovery or death.

Monthly Income Benefit

On the death or permanent and total disability of the person covered due to accident or sickness during the in-force term of this supplementary benefit, AL – WTO shall pay a monthly income benefit for the remaining term of this Supplementary Benefit or earlier recovery or death.

Contribution Allocation & Surrender Charge Structure

Contribution Allocation & Surrender Charge Structure

Certificate Year % of Basic Contribution Allocated to PIF Account Surrender Charges as % of PIF Account Value
1 65 0
2 90 0
3 & onwards 100 0

Bonus Allocation

Bonus Allocation

As you continue the participation for longer term you will gain the higher rewards in terms of Continuation Bonuses. The extra units will be allocated to your account value. This extra units’ allocation is in addition to the basic units of allocations, provided Certificate has been in-force through the regular and timely payment of Contributions, not being lower or less than the initial Basic Contribution and there has been no partial withdrawal taken from the Certificate. The Continuation Bonus allocation is as follows.

Certificate Year % of Initial Basic Contribution Allocated to PIF Account
5 10%
7 20%
10 30%
Life Event Bonuses*

– 50% Bonus on Son’s University Admission
– 50% Bonus on Daughter’s Wedding
– 50% Bonus on Retirement

*After completion of 10 certificate years and certificate remains inforce through timely payment of contribution regardless of the maturity of the Certificate, the participant is eligible for Bonus on any one of these Life events (whichever comes first) during the entire tenure of the certificate. Subject to satisfactory proofs.



Certificate Fee Nil
Fund Management Charges An annual Fee of 1.75% of the Cash Value from the PIF deducted on a monthly basis.
WakalatulIstimaar Fee Year 1:35%, Year 2: 10%, Year 3 onward: 0%
Bid/ Offer Spread 5% of all contributions allocated to the unit account
Takaful Contribution With reference to attained age and based on the mortality table. A portion, 35% of Takaful Contribution will go to Operator’s Sub-Fund as PTF management fee
Surrender & Partial Withdrawal Processing Fee Rs. 350/-
Fund Transfer Fee The first two switches in a certificate Year are free. A charge of Rs. 300 will be made for any further switches in that year
Mudharib’s Share 30% p.a. on investment return of the WAQF

Certificate Term & Eligibility

Certificate Term & Eligibility

Minimum Entry Age 18 years (Age nearest Birthday)
Maximum Entry Age 70 years (Age nearest Birthday)
Minimum Certificate Term 05 years
Minimum Contribution Paying Term 05 years
Maximum Certificate Term 25 years or upto age of 85 whichever comes first

Basic Contribution Payment Mode

Minimum Contribution

Mode Minimum Contribution per Installment
Annual Rs. 8,000/-  
Semi-Annual Rs. 8,000/- (Rs. 16,000/- annually)
Quarterly Rs. 8,000/- (Rs. 32,000/- annually)
Monthly Rs. 3,000/- (Rs. 36,000/- annually)

Payment Frequency

  • Annual
  • Semi-Annual
  • Quarterly
  • Monthly



  • This Family Takaful Product is a Shariah Compliant Unit Linked Certificate which is subject to investment risk and the cash value of the Certificate will vary directly with the performance of the unit fund.
  • The investment risk shall be borne by the certificate holder and actual maturity or surrender values may be lower or higher than the projected figures.
  • All applications are processed and approved by AL – WTO, as per their underwriting guidelines. Bank is not responsible for the processing and approval of these applications in any way, whatsoever.
  • Bank is acting as an Sales Officer of AL – WTO, and is not responsible in any manner, whatsoever, to the customer, his/her beneficiary (ies) or any third party.
  • A personalized illustration of benefits will be provided to you by our sales representative. Please refer to the notes in the illustration for a detailed understanding of the various Terms & Conditions.
  • The brochure only provides an introduction to the benefits available under the certificate. A detailed description of how the Certificate works is given in “Participants’ Membership Documents – PMD” which will be provided after the customer avails the Certificate.