Allied Takaful has introduced a new Shariah-compliant financial plan by the name of “Ranreyru Takaful” designed to help Maldivian families achieve both short-term and long-term financial goals while maintaining adherence to Islamic principles. The comprehensive plan combines savings, security, and protection features in a single product offering.
Product Features and Structure
The plan operates on a flexible structure where participants can choose their coverage amount (Sum Covered) and certificate terms ranging from 12 to 25 years. Entry age is set between 18-53 years, with coverage extending until the maximum maturity age of 65. The minimum sum covered starts at MVR 100,000.
Key benefits include:
- Emergency Fund: Periodic cash payouts throughout the term
- Protection Coverage: Death and disability benefits
- Critical Illness Coverage: Full payout upon diagnosis of serious illnesses
- Maturity Benefits: Accumulated savings plus profits from Shariah-compliant investments
Payout Structure Across Terms
The plan offers four certificate term options with varying payout schedules:
12-Year Term: Three interim payouts of 20% each at years 3, 6, and 9, with final balance plus profit at maturity.
15-Year Term: Payouts of 10%, 20%, and 30% at years 6, 9, and 12 respectively, with final balance plus profit at year 15.
20-Year Term: Three payouts (10%, 20%, 30%) at years 8, 12, and 16, with final settlement at year 20.
25-Year Term: The longest-term option offers three 25% payouts at years 10, 15, and 20, with final balance plus profit at maturity.
Competitive Pricing Structure
Monthly contribution rates for MVR 100,000 sum covered show competitive pricing across all terms. The 25-year term offers the most affordable monthly contribution at MVR 546.83 total (including basic contribution, critical illness, and TPD coverage), while the 12-year term requires MVR 939.25 monthly.
Market Positioning
The product addresses a growing demand for Shariah-compliant financial products in the Maldives, where Islamic finance principles are increasingly important to consumers. By combining protection with investment returns, Ranreyru Takaful positions itself as a comprehensive solution for families seeking financial security while maintaining religious compliance.
The plan’s flexibility in terms and payout schedules makes it suitable for various life stages and financial objectives, from young professionals building wealth to families planning for children’s education or retirement security.
Application Process
The application process requires three key documents: participant ID card copy, beneficiary ID card copy, and medical reports where required. Contributions can be made through multiple channels including cash, BML’s BillPay service, or bank transfer.
This launch represents Ranreyru Takaful’s commitment to expanding access to Islamic financial services in the Maldives, offering local families a trusted pathway to financial security that aligns with their values and long-term objectives.