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Family Takaful Business


FAMILY TAKAFUL provides coverage for policyholders in the event of death or permanent total disability.

Objectives of Family Takaful are:

  • To invest with a view to earning a profit in a manner acceptable to Syariah principles which in turn would lead to a further accumulation of savings;
    • To avail of cover in the form of mutual financial aid from payment of takaful benefits to beneficiaries should a participant die before the maturity of the participant's Family Takaful Plan.

    Family Takaful Business
    Family Takaful Business mainly the savings products are for any individual aged from 18 to 55 years old and is only eligible to the Citizens and Permanent Residents of Negara Brunei Darussalam. Family Takaful is a financial coverage programme to help those in need should they encounter any mishap resulting in death, personal accident or permanent total disability.

    The terms of participation for Family Takaful Coverage is normally for the period of 10 years, 15 years and up to a maximum of 40 years.

    With this participation, the participants are obliged to pay thier contribution through installments depending on the participant's financial ability and is subject to the minimum amount of contribution payable fixed by IITSB.

    All installment contributions paid will be pooled into the Family Takaful Fund and is then divided into two Accounts namely:

    i ) Participant's Account - as a means of savings.
      ii) Participant's Special Account - a fund which is utilised to pay takaful compensation to participants who are entitled to a claim.

      In the event of a participants' death before the maturity period of the participant's Takaful Plans, IITSB will then dispense takaful compensation to the beneficiaries as follows:

      From Participant's Account (PA);
      All installments that have been pooled into the PA from the date of the participation to the date of participant's death including the profits from the investments of the installments in the PA.

      From Participant's Special Accounts (PSA)
      The outstanding contribution in installments which would have been paid by the participant should s/he survive the period of the plan, calculated from the date of death to the date of maturity of the participant's Takaful Plan.


      If a participant should live until the date of maturity of the Takaful plan, the takaful compensation shall be paid to the participant in the following manner:-

      From Participant's Account (PA)
      The total amount of contributions paid by the participant during the tenure of the participation and the share of profits from the investments credited into the PA.

      From Participant's Special Account (PSA)
      Nett surplus from the PSA (if any) according to procedures and regulations stated by IITSB.


      If a participant is compelled to surrender or cancel the participation before the maturity date of the Takaful Plan, the participant shall be entitled to receive the surrender benefits such as the amount of balance shown in the Participant's Account. However, the proportions of the contributions which had been credited into the Participant's Special Account as tabarru' shall not be refunded to the participant.

      In addition to the facilities offered, partial withdrawal is also available only after two years of participation.