Meezan Kafalah offers Kafalah products an Islamic alternative of insurance for long-term investment.
The customers can invest in their plans for children’s weddings and education, Hajj and Old age/ Retirement benefits.
In the month of October 2022, an 8.5% rate of return was given.
Customers can invest Minimum of Rs.2000/ month totaling Rs.24000 per annum.
The plans are available on a monthly, quarterly, annual, and on lumpsum basis.
The investment time period varies from 3 to 15 years.
Takaful coverage is available through a separate Takaful company and Meezan bank acts as a Wakalah or Wakeel or an agent.
Takaful company takes a premium and against this premium it provides 100% security of the deposits.
in the case of Natural death, 100% of the plan is given to the legal heirs and in the case of accidental death, 200% of the plan amount of the investor is given to the legal heirs.
like if someone has an investment plan for 10 years with a premium Rs.100,000 per annum but dies during 3rd year then in case of natural death his legal heirs will be given an amount of Rs.1000,000/- and in case of accidental death, the legal heirs are given Rs.2000,000 will be given to the legal heirs.
The monthly profit on Kafalah Account is reinvested on a daily basis profit and credited on a monthly basis.
Early redemption is also allowed with the Principal amount plus profit after deducting Wakalah and takaful fee.
Investors can track their investments through internet banking without any charges.
Takaful coverage is available at the maximum amount of Rs.15 Million whereas in case of accidental death this amount will be doubled.
In case of the investor’s death, Meezan bank will provide an additional Rs.20,000 as funeral expenses.
After three years or more Meezan bank may waive off Wakalah fee.
Sole proprietors and joint account holders can also invest in this product.
Customers age of 18 to 55 years can invest in Kafalah products with a maturity date of note of more than 60 years of age.