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Saving, Investment & Protection

  • Plans start as low as Rs.2,000/month
  • Plans are available from 3 years to 15 years
  • Flexible payment options: Monthly / Quarterly / Annually
  • Continuous protection through Takaful Company
  • Monthly profit payment reinvested in your Kafalah plan
  • Easy exit option *
  • No hidden charges on premature encashment
  • Tailor-made options are also available
  • Conveniently track your investment growth through complimentary internet banking
  • Maximum protection of life Takaful up to Rs 15 Mln with additional 100% Accidental Death Benefits (ADB) throughout the plan term
  • On Bank’s sole discretion, WAKALAH FEE may be waived after 3 or more years of WAKALAH period

* 5% Wakalah fee and Takaful expense on actual rate applicable.

Kafalah Products

Higher Education
Higher Education
Wedding
Wedding
Hajj
Hajj
Retirement
Retirement

How it Works

Meezan Kafalah is a recurring deposit plan, where you, as a customer, will pay your contribution regularly The Bank will pay profit on your deposited amount while the Takaful partner will provide Takaful cover.

Profit Sharing

The Bank calculates the profit of the deposit pool every month. Gross income of the deposit pool is shared between the Bank (Mudarib) and customers (Rab-ul-Maal) on the basis of a predetermined profit-sharing ratio announced at the beginning of the month. The profit is distributed amongst the account holders on the basis of predetermined weightages, announced at the beginning of the month. In case of a loss, as per the rules of Mudarabah, the Rab-ul-Maal shall bear the loss in the ratio of their investment.

Early Redemption
  • 100% cash value from day one alongwith daily profit.*
  • Flexible exit option.
  • Instant availability of funds.
  • As Takaful cover is provided by Takaful provider, Takaful expense will be charged to customer at actual cost.

    *5% WAKALAH fee on first year permium and Takaful expense on Takaful covered at actual basis.

Claim Process

Meezan Bank, acting as a facilitator, will forward the customer’s case to the Takaful company. The claim acceptance, processing and payment are sole responsibility of the Takaful company, and Meezan Bank shall not be liable for any grievances the customer may have with respect to Takaful coverage whatsoever.

Accidental Death Benefit

In case the individual covered suffers from accidental death the Takaful coverage amount of the Kafalah shall be double the coverage amount.

Example

Mr. Asad has subscribed a 10 year Kafalah plan for his son’s education. His annual contribution is Rs. 100,000/-. In case of natural death, his Takaful coverage shall be 10 years * Rs.100,000/- = 1,000,000/- & in case of accidental death the Takaful coverage shall be Rs.2,000,000/-

Death Benefit

In case of the customer’s death, a sum of the cash value (invested amount along with the profit earned) and the Takaful cover shall be paid.

*The cash value will be paid by Meezan Bank.
*Takaful cover will be paid by Takaful Company.

What is 100% Accidental Death Benefit (ADB)?

Incase the customer's death is due to an accident then 100% of life Takaful cover will be paid additionally as Accidentally Death Benefits (ADB).

Eligibility

Age

All individuals in the age bracket of 18-55 years. Maximum age till maturity is up to 60 years.

Initial Investment

The initial investment required is Rs. 2,000/- only.

Min. Investment

Minimum investment is Rs. 24,000 per year or Rs. 2,000 per month

How is Kafalah Shariah-compliant?

Download Fatwa

Meezan Kafalah works on the underlying contracts of Mudarabah and Wakalah.

In Mudarabah, funds deposited by the customer are allocated to a deposit pool, which are invested strictly in Islamic modes of finance.

In Wakalah, the customer will agree to appoint Meezan Bank as his/her Wakeel (agent) for facilitation in the collection of Takaful cover contribution, whereby the Bank may, acting as a collection agent, collect Takaful cover contribution i.e Takaful expense amount from the customer and change WAKALAH fee inlieu of providing Takaful coverage, which on Bank’s sole discretion, WAKALAH FEE may be waived after 3 or more years of WAKALAH period.

Would you like more information?

Fill out the form below and you will be contacted by a Meezan Kafalah representative.

Name *
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City
Nearest branch