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Takaful Premium Financing
What is Takaful Premium Financing?

This is a shariah compliant Facility that allows you to pay for your takaful premiums in installments over a maximum of 10 Months.

Can I use any insurance company?

As a fully shariah compliant Bank, we only finance takaful policies issued by fully shariah compliant takaful operators such as Takaful Insurance of Africa.

Can you finance all types of policies?

We finance Takaful policies with up to 12 months validity period e.g. Motor, Medical etc. As noted earlier, we only finance takaful policies issued by shariah compliant takaful operators.

Will you pay the money to me so that I can forward it to Takaful Insurance of Africa?

The funds are paid directly to the takaful Operator. Your takaful Operator / agent is informed immediately this is done.

Do you need security for the facility?

No.

How will I be paying for the monthly installment?

We accept payments through cheques (first two instalments will be via a current cheque and the rest postdated). You will be required to open a DIB Bank account.

Do I have to be an account holder for you to finance my Takaful premium?

No. Even if you do not have an account with us we will still finance your Takaful Premium financing application. However, as a condition, you will be required to open and operate a DIB Bank account.

If my cheque or payment does not go through, what happens?

We will call you immediately to replace the payment and also inform your Takaful Operator.

What Profit rate will you charge me for the facility?

The profit rate applicable varies. It’s determined by the CBK rate.