Offered by SABB Takaful, an HSBC Group entity like SABB, the Marine Cargo Takaful Plan provides tailored solutions for all your cargo movement protection needs. SABB Takaful's experienced marine experts will ensure that you are are given comprehensive coverage at a competitive rate. What is more, you can rest assured that this plan is fully Shariah compliant. Using this protection in conjunction with our comprehensive suite of SABB Islamic Financial Solution Trade solutions completes your trade finance requirements.
Takaful means, “guaranteeing each other” in Arabic. It is an Islamic 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 and 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.
Visit SABB Takaful website for more information