Takaful Motor, Household and Business Insurance
Offering comprehensive, reliable and Shari'ah compliant insurance cover for your vehicle, household and business, Takaful Motor, Household and Business Insurance also includes a range of useful additional benefits and assistance programmes.
Absa’s Takaful cover offers specifically developed products that are tailor-made to suit the needs of both individuals and business.
Personal Takaful covers your private residences, contents, portable electronic equipment, and your private motor vehicles.
Commercial Takaful provides cover for all your valuable business assets, equipment, buildings and commercial motor vehicles.
Takaful also provides Mosque Building cover, which covers your local mosque against any damage caused by storms, fires or floods.
- Personal insurance cover for your vehicle and household
- Insurance cover for your commercial assets and vehicles
- A share of the Takaful Pool should it make a profit, based on contributions during that year (structured on a Waqf fund according to the principle of surplus share)
- Access to a range of free services (mechanical and electrical assistance), home and roadside assistance (for breakdowns), and great deals on products and travel services
Shari'ah Law governs the manner in which Muslim people conduct their lives, including banking. Islamic Banking is deduced from the Shari'ah Law, hence it differs from conventional banking, and forbids the payment or earning of interest, among other requirements.
As an alternative financial system to conventional banking, each of the solutions within Absa Islamic Banking are managed and administered according to Shari'ah Law under the guidance of the Absa Shari'ah Supervisory Board – comprised of learned Muslim scholars.
This independent board specialises in Fiqh Almua’malat (Islamic Commercial Jurisprudence), directing, approving, reviewing, supervising and monitoring the activities of Absa Islamic Bank to ensure Shari’ah compliance.