MALÉ, Maldives – Allied Takaful has introduced a groundbreaking financial product exclusively designed for women in the Maldives, combining Islamic finance principles with comprehensive healthcare benefits and flexible savings options.
The Kamana Takaful Plan, positioned as a Shariah-compliant solution for “Savings, Security, and Flexibility,” targets women aged 18 to 50 years with a maximum maturity age of 60 years. The plan represents a significant step toward financial inclusion and women’s empowerment in the Maldivian market.
Comprehensive Benefits Package
The new plan offers a robust suite of benefits designed to address various life stages and unexpected circumstances:
Emergency Fund Access: Participants can access 5% of their sum covered every two years for unexpected financial needs, providing crucial liquidity during emergencies.
Critical Illness Benefit & FREE Cancer screening: One of the plan’s standout features is complimentary cancer screening every three years, addressing a critical healthcare need. The plan also provides full payout upon diagnosis of serious illnesses through its Critical Illness Cover, with future contributions waived and benefits continuing as per the certificate.
Life Protection: The plan ensures family security with a death benefit providing 100% of the sum covered plus accumulated savings. Similarly, Total Permanent Disability coverage offers full payout with waived future contributions.
Maturity Benefits: Upon plan completion, participants receive their savings and profits, rewarding long-term financial discipline.
Flexible Coverage Options
The plan offers considerable flexibility in coverage amounts and terms:
- Minimum Sum Covered: MVR 100,000
- Age at Entry: 18 to 48 Years
- Certificate Terms: Up to 24 years (12 to 24 years)
- Payment Options: Cash, transfer, or BML’s BillPay system
Monthly contributions are calculated based on the chosen sum covered, certificate term, and participant’s age. For a 20-year term with MVR 100,000 coverage, monthly contributions range from MVR 595 for a 20-year-old to MVR 930 for a 40-year-old participant.
Market Significance
The launch of Kamana Takaful reflects the growing demand for Islamic financial products in the Maldives, where the majority Muslim population seeks Shariah-compliant investment and insurance options. By focusing exclusively on women, Allied Takaful addresses a specific market segment while promoting financial literacy and independence among Maldivian women.
The integration of healthcare benefits, particularly cancer screening, demonstrates the company’s commitment to holistic financial wellness rather than traditional insurance approaches.
Application Process
Interested participants need to provide minimal documentation, including ID card copies for both the participant and beneficiary, with medical reports required only when necessary. The streamlined application process aims to reduce barriers to entry for potential participants.
Allied Takaful, operating from the Allied Building on Chaandhanee Magu in Malé, can be contacted at familytakaful@allied.mv or through their website at alliedtakaful.mv for more information about the Kamana Takaful Plan.
The launch positions Allied Takaful as a pioneer in gender-focused Islamic finance products in the Maldives, potentially setting a precedent for other financial institutions in the region.