Afaq Savings Plan
Get financial security with QIB’s Afaq Savings Plan. Save money, invest smartly, and enjoy life protection - all in a Shari’a-compliant way.
Afaq Savings Plan
Deposit details
- Opportunity to earn higher returns: Grow your savings over time by investing in unit-linked funds.
- Takaful cover: Enjoy Shari'a-compliant life coverage that ensures financial support for your loved ones and keeps your investment on track.
- Wide range of funds: Choose ethical, Shari'a-compliant funds across global and emerging markets to match your investment preferences.
- Coverage and contribution flexibility: Adjust your Takaful protection and contributions anytime to improve your evolving financial planning.
- Flexible fund switching: Switch between our unit-linked funds anytime to suit your investment plans and strategies.
- Custom savings timeline: Choose a savings duration (5 to 10 years) that best aligns with your individual financial goals.
- Withdrawal flexibility: Withdraw money partially or fully after the lock-in period ends.
- Flexible payment options: Pay monthly, quarterly, semi-annually, or annually - whichever suits you best.
- Inclusive eligibility: Open to Qataris and Expat, regardless of income type.
- Track your savings: View and manage all your invested funds easily in one place through the QIB Mobile App.
| Afaq Savings Plan - Specifications | ||
| Plan name | Afaq Savings Plan | |
|---|---|---|
| Description | Unit linked plan having focus on saving regularly for the future | |
| Age at entry | Minimum 18 years, maximum 75 years | |
| Afaq plan term | 5 to 10 years | |
| Maximum maturity age | 85 years | |
| Minimum Takaful cover | Zero | |
| Maximum Takaful cover | Entry age: Up to age 40 41 to 50 51 to 60 61 to 65 66 to 75 | Maximum Takaful cover - 30 x annual contribution 20 x annual contribution 10 x annual contribution 5 x annual contribution not available |
| Contribution details | ||
| Frequency | Annually, semi-annually, quarterly & monthly | |
| Plan currency | Qatari Riyals (QAR) | |
| Minimum contribution | Frequency - Annual Half-yearly Quarterly Monthly | QAR 6,000 QAR 3,000 QAR 1,800 QAR 600 |
| Benefits Based on the Takaful cover you selected, the benefit will be: | ||
| Death benefit | 1. Amount of Takaful cover opted 2. Outstanding value of investment 3. Share on surplus from participant risk fund (if any) | |
| Maturity benefit | 1. Outstanding value of investment 2. Share on surplus from participant risk fund (if any) | |
| Partial redemptions | May be made any time after 2 years subject to maintaining a minimum balance of QAR 3,600 in the contract | |
| Surrender | May be done anytime during the contract subject to surrender charges. Surrender charges not applicable after completion of 5 years of contract and payment of related contributions | |
| Other features | Increase and decrease of Regular contribution possible on contract anniversary Increase (subject to underwriting) and decrease in sum insured possible on contract anniversary | |
- Valid QID & Passport,
- Current or Savings Account with QIB.
- Complete Medgulf Takaful application form with required documents.
- Duly filed QIB Standing Instruction Form.
- Visit your nearest branch or contact your relationship manager at QIB.
Or,
- Click here to apply.
You can also call us at 44448444 for more information.
Declaration:
The product mentioned in this brochure is designed and underwritten by Medgulf Takaful. This brochure contains only general information. It does not constitute an offer to buy or sell a Takaful plan or service, nor is it intended to provide any financial advice. Any person interested in this plan should read and consider its complete Terms and Conditions before making a decision. Medgulf Takaful shall conduct the underwriting of any contract relating to Takaful Products. The execution of any such contract is subject to Medgul's prior approval. Please request further information from your Relationship Manager at QIB.
Medgulf Takaful - QFC Branch Al Emadi Business Center office # 7, Ground Floor, C Ring Road, Doha, Qatar PO Box 200193 Authorized By Qatar Financial Center Regulatory Authority.
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Frequently asked questions
Afaq Savings Plan gives you two main benefits: investment options and Takaful protection.
You get a Takaful protection (till 75 years of age) and the choice to invest in unit-linked funds, which are perfect for Shari’a-compliant investing.
You get a Takaful protection (till 75 years of age) and the choice to invest in unit-linked funds, which are perfect for Shari’a-compliant investing.
If you’re between 18 and 75 years old and have a valid QID, passport, and QIB bank account, you’re welcome to apply!
You can choose a plan term between 5 to 10 years, depending on your savings goals.
No. The minimum Takaful cover is zero, but you can opt for higher coverage based on your age and contribution.
Yes, partial redemptions are allowed after 2 years, provided a minimum balance of QAR 3,600 is maintained.
Yes. You can increase or decrease your regular contributions on your policy anniversary, subject to approval.
Adjust Preferences