Concept of takaful

If we talk about takaful then it is not difficult to understand. Basically, takaful is just like any other insurance policy. The only difference is that takaful is based on Islamic sharia. It is an alternative to the insurance policy.

In this kind of insurance policy in which all the members of the policy came all together and contribute their money to guarantee each other against any mishap. Whether it is a loss, damage, or something else you can have compensation for your loss under the regulations of Islamic shariah. So, the concept of interest that Muslims consider as sood can be prevented by taking the membership of takaful.

However, there are certain rules and regulations or you can say eligibility criteria that need to be fulfilled to be able to have membership in the takaful policy. With the Pak Qatar Takaful plan, you have the advantage of having membership in the plan without going through any hassle of a medical check-up.

One of the basic conditions to have a takaful membership is that you are in your prime condition, and other companies refuse to give you membership in case you have any health problems. However, with Pak Qatar Takaful you can have the membership without any problems. 

Variations in coverage

Takaful programs offer various coverage plans depending on various factors. Some of them vary based on the health condition while others vary depending on the policy that you would be taking. So, depending on the type of takaful plan you can have a variety of benefits that you could enjoy.

The concept of takaful is relatively new in Pakistan. However, relevant growth potential can be seen in this sector. Many people are shifting towards takaful plans because of the shared coverage of the loss. There are mainly two types of takaful policies. One is the participant takaful fund while the other is the participant investment fund.

Both are important in their manner. So, all you need to know is which plan suits you best. As very few banks are offering this policy, so you can’t have all the information that you need by just visiting a bank. In this regard, you don’t have to worry because we are here to provide you with all the information and guidance you need.

Benefits of having an insurance policy

An insurance policy is a guarantee that you have a backup in case of any mishap. People, in general, think that insurance policy is just a waste of money. However, what they don’t know is life is extremely unpredictable. You can’t say what is going to happen next. Nobody can know what is coming their way.

So, finding a way out of any problem is the only wise thing you could do. The best way to deal with any such problem is simply to save money for the misfortune. However, you and I both know that saving money is not as easy as you think. You have to cut down your numerous expenses to save some money.

This is easier said than done. Thus, a better way to save money is to find an insurance policy that works best for you. This way you can save a little amount every year and after certain years you can have a respective sum or in case of any emergency, you can have the compensation of your loss. So, long story short you can have savings only if you have an insurance policy.

Bank account types

There are various Bank Account Types in Pakistan. Each has its unique attributes. Mainly accounts are categorized in two forms current accounts and saving accounts. The basic difference between these two accounts is you gain certain interest over your money in a savings account while you won’t gain any interest in the current account.

More or less the benefits of both account types are the same. All you need to do is make sure that you are choosing the right bank which can provide you the benefits that you want by having a bank account. There are various banks in Pakistan, so you need to do thorough research before opening an account to have all the benefits of it.

By Manali