Takaful Motor, Household and Business Insurance

Insurance cover for your vehicle, household and business with useful additional benefits

Absa Islamic Banking brings you a variety of life and general Takaful products to provide you with a complete peace of mind and to protect you from unforeseen events in accordance with Shari'ah principles. These products aim to safeguard one’s family from inherited debt in the future. Additionally, General Takaful brought to you by AIB provides the opportunity to get coverage for your vehicle, business and property.

Did You Know?
*Waqf - An appropriation of property in perpetuity so that no proprietary rights can be exercised over the usufruct. The Waqf property can neither be sold, nor inherited or donated to anyone.

What you get?
  • 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
What’s in it for me?
Takaful products

Takaful products are sold by brokers. All AIC brokers should be able to offer Takaful as an insurance option to any client.
Takaful products provide comprehensive, tailored and reliable cover for all motor, household and business needs and offer the assurance that the cover operates in accordance with Shari’ah.


Cover for business that can be tailored to include: fire, loss of income, buildings, office contents, business risks, theft, glass and motor.

Takaful Business and Household Risk Cover

Shari’ah compliant insurance of assets is underwritten by Absa Insurance Company. It includes Mosque Building Cover and offers Surplus Share, which means that if the fund makes a profit, the participants are entitled to a share of the surplus based on contributions through that year.


Personal short-term insurance that can be tailored to cover vehicles and homes for:
Building cover, all-risk cover, contents cover, personal liability cover and motor cover


24-hour Roadside Assistance for electrical and mechanical breakdown.

What does Islamic Takaful Insurance benefits include?

  • Motor – locks and keys, medical expenses, emergency accommodation and an accident management programme
  • Home – contents of refrigerator, accidental damage, impact, property of guests, household goods in transit, glass, fire brigade charges, security guards, loss of rent, electric gates, plumbing, geysers
  • Surplus Share – if the fund has a surplus it may be paid to the participants
  • Mosque Building Cover – cover for losses caused by storm, fire or floods in the client’s area
Frequently Asked Questions



Is Absa Islamic Banking in line with international standards?? Islamic Banking is relatively new in South Africa, but we have been making great efforts and have already received significant international recognition. We won the 2006 Shari’ah Deal of the Year for South Africa and the 2007 award for the Best Islamic Offering from a Conventional Bank. Absa Islamic Banking has also achieved the award for the Best Islamic Bank in Africa for the year ending 2007.In 2008, 2009, 2010, 2011, 2012 and 2013 Absa Islamic Banking won Best Islamic Bank in SA. Global Finance magazine analysts also awarded us the Best Islamic Bank in Africa and the Middle East (non GCC) for 2009, 2010 and 2011.
Are the Islamic Banking products for Muslims only? No, Islamic Banking products are designed in accordance with Islamic Law. This system of banking does not exclude any person from utilizing its products.
Are all the staff equipped and suited to sell Absa Islamic Banking products? We are in the process of delivering workshops and training around the country. We are striving to achieve excellence as Absa has about 35 000 members of staff.
How can a conventional bank offer Islamic banking services? Conventional banks can sell Shari’ah compliant products because Islamic Law does not require that the seller of a product be Muslim, or that its other services also be Islamic. It does require that the product or transaction be in compliance with Shari’ah guidelines.
Shari'ah Compliance

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.

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