Offered by SABB Takaful, an HSBC Group entity like SABB, the Marine Cargo Takaful Plan provides tailored solutions for a Customer's entire cargo movement protection needs. SABB Takaful's experienced marine experts will ensure that Customers are given comprehensive coverage at a competitive price. What’s more, SABB Takaful assures Customers that this plan is fully Shariah compliant. Using this protection in conjunction with SABB’s comprehensive suite of Islamic Trade solutions meets all the Customer's trade requirements.
Takaful means, “guaranteeing each other” in Arabic. It is a System of mutual insurance built around the concept of ‘tabarru’ (donation/ gift). ‘Tabarru’ contributions are made with the intention of helping other participants faced with difficulties and eliminating the resemblance of Takaful to gambling or exploitation. Each participant contributes to a fund to cover expected claims, while also benefiting from a share of investment returns.
SABB Takaful’s role is to manage the Takaful operations and invest the Takaful contributions in line with Shariah principles. Participants share in profits of the fund with the understanding that these may be forfeited to cover losses.