FNB Islamic Banking has launched Takaful, an Islamic-compliant alternative to conventional short-term insurance.
The Takaful product offering caters for commercial, vehicle, personal, body corporate and household cover. In time, the offering will extend to other forms of Islamic-compliant insurance.
Amman Muhammad, the chief executive of FNB Islamic Banking, says: “Takaful is the perfect complement to the range of financial services offered by FNB Islamic Banking. Our bouquet of products and services include Islamic transactional banking, asset finance and an extensive range of Islamic investment options. We now can truly claim to be a one-stop Islamic financial services shop.
“Takaful, as with all of our other Islamic financial services, is available to Muslim and non-Muslim customers alike.”
Islamic-compliant insurance is based on mutual assistance. “Very much like the African concept of ‘ubuntu’, it is, at its most basic, a community approach to managing risk in a responsible manner,” Muhammad says.