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 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.
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.
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).
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.
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
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.
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.
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
You have the option to Choose from the different levels of family takaful coverage through protection multiple for the same amount of contribution.
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).
PKR 2 Million Coverage on Accidental Death during Hajj.
*Coverage will be terminated when person covered reached Age 65.
At the time of maturity of the certificate term the person covered will get the amount equal to his/her account value.
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.
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/-
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.
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.
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
You can enhance the Protection Benefit by selecting any or all of the following optional Supplementary Benefits subject to payment of additional contribution.
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.
The feature guarantees as lump sum amount payable to the chosen beneficiary in case of death of the person covered.
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.
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.
A lump sum benefit is paid to you or your chosen beneficiary in case of accidental death & 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.
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
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
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 |
Charges
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
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
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) |
Disclaimer