Islamic Insurance (QIIC) announced yesterday that it had settled an individual Aman Takaful (Life) claim amounting to more than QR. 1.1 million upon the death of a policyholder.

This represents, by far, the largest single individual life claim settlement since the introduction of Aman Debt Protection Plan in 2001. The deceased was in receipt of a loan from Al-Ahli Bank’s Crescent ( Islamic) Banking Services. As the claim was fully paid within 2 weeks of the date of receipt of the Claims Settlement Request from the Bank, in line with QIIC’s settlement procedure , the debt pertaining to the deceased and all the financial obligations ensued therefrom have now been cleared and the file closed .

Mr. Mohammed M. AL Ja’abari, explained that QIIC developed and marketed Aman Takaful Debt Protection Plan in 2001 as part of its ongoing endeavors to develop innovate Islamic insurance products that protect the family in the event of the death or total disability of the policyholder (the family provider) so that the responsibility for settling outstanding bank loan balances does not pass to the deceased’s dependents & heirs.

Mr. Al Ja’abri added that QIIC Individual, Family and Group Aman Takaful (Life) plans have proven to be extremely workable plans and that they not only provide a practical and effective Islamic alternative for conventional life insurance but also affirm the true Islamic Values of solidarity , joint responsibility and mutual collaboration . He ended by stressing that the prompt settlement of claims, irrespective of their values, affirms QIIC’s very strong financial solvency and solidity.