DOHA: Qatar Islamic Bank (QIB), the country’s leading Shariah-compliant bank, has introduced ‘Child Education Plan’ (Walady) to help customers secure a bright future for their children, said a statement yesterday.
Walady is QIB’s response to the desire of parents, who want to secure their children’s future by setting aside funds for their college or university education.
It is a long-term savings and investment plan, coupled with Takaful protection, for parent, and offers a return on contributions depending on the fund’s performance.
On maturity of the contract, the outstanding value of the participant’s investment account is paid in a lump sum to take care of the education needs of the child. In the case of early death of the parent, the amount of life cover is paid upfront to the nominee as per the terms and conditions of the contract; and future regular contributions are made from this fund until the end of the contribution payment period. In the event of the parent’s total disability, regular contributions will be paid until maturity of the plan subject to satisfying claim conditions.
D Anand, General Manager, QIB’s Personal Banking Group, said the plan is yet another example of the bank’s ongoing efforts to provide customers with innovative products and services.
“All parents want to secure their children’s education, which laid the foundation to develop the product, enabling parents through flexible payments to secure their children’s education. You can trust the Shariah- compliant plan to help meet the responsibilities of parenthood.” The plan is underwritten by Medgulf Takaful.
The Peninsula
