عربي

To login to SABBNET Log on to SABBNET  Icon: Not logged on

Marine Takaful

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.

 The Takaful Concept

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.

 Other Benefits

  • Customers are eligible to receive a share of any declared surplus from the Takaful Fund
  • Prompt documentation at SABB Trade and Supply Chain counters for Customers’ Takaful needs
  • The processing of  Documentary Credits and the issuance of the marine insurance certificate/policies are done simultaneously
  • 24-hour service centre to meet Customers’ servicing and claim needs
  • Worldwide survey and settling agents to provide claims services overseas
  • Coverage, including incidental extension, for a wide variety of cargo in transit by land, sea or air, to or from most countries worldwide
  •