- What is Takaful Premium Financing?
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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?
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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?
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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?
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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?
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No.
- How will I be paying for the monthly installment?
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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?
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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?
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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?
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The profit rate applicable varies. It’s determined by the CBK rate.
