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    FCB Takaful

    Takaful helps us get through tough times

    Get more information

    When we experience loss or damage whether it’s our property or even an injury it can be tough to recover. Takaful helps us get through these tough times.

    Takaful literally means “guaranteeing each other” in Arabic.

    Takaful is founded on the principles of donation and mutual cooperation (Tabaru’a and Ta’awun). Hence, FCB Takaful is a self-catering scheme that offers financial aid to participating members in need, based on brotherhood and solidarity.

    About FCB Takaful

    Takaful creates a pool of funds from mutual cooperation by participants with the aim of offering financial aid to any of the participants who might suffer a loss.

    FCB Takaful Insurance Brokers Ltd, a wholly owned subsidiary of First Community Bank Ltd, operates the first Shari’ah-compliant Islamic Insurance Scheme (Takaful) in East and Central Africa. FCB Takaful is registered and licensed by the Insurance Regulatory Authority (IRA) of Kenya as a Corporate Broker. The Takaful scheme has been approved by FCB’s reputable Shari’ah Supervisory Board.

    FCB Takaful is operated on strict Islamic Finance Principles that prohibit investments in interest bearing financial instruments; and prohibited (haram) activities such as gambling, alcohol, drugs, casinos, brothels, armaments etc.

    Our Responsibility

    We conduct our business with the highest ethical standards, and exercise the highest levels of responsibility when managing the affairs of all our stakeholders.

    Benefits of Takaful Over Conventional Insurance

    #
    FCB Takaful
    Conventional Insurance
    1
    The main motive is optimizing the wellbeing of the community for affordable risk protection as well as fair profits for the operator.
    The main motive is to maximize returns to shareholders.
    2
    FCB Takaful contract specifies in advance how and when profit/surplus and/or bonus units will be distributed.
    Profits and/or bonus units are returned to policy holders only as determined by managers and the board of insurer.
    3
    Initial capital is supplied by Rab al Mal (Agent) or paid in via premiums from participants.
    The initial capital is supplied by shareholders themselves.
    4
    There is a coincidence of interests between policy holder and operator as appointed by participants.
    There is a separation of policy holder and insurer with differing interests.
    5
    Losses are retained within classes of business written and sole obligation of participants.
    Transfer of losses among insurance pools and from policy holders to shareholders.
    6
    Right of insurable interest is determined by Islamic Principles of Faraid (inheritance).
    Right of insurable interest is vested in the Nominee absolutely in Life Insurance.
    7
    Insured may not ‘profit’ from insurance and is entitled to compensation only for repair or rebuild or replacement.
    Insured may elect cost or replacement cost valuation and claim accordingly whether or not they choose to rebuild property.
    8
    FCB Takaful contract specifies under principles of al Mudharabah how premiums will be invested and how results are shared.
    Investment of premiums is conducted by insurer with no involvement by policy holders.
    9
    FCB Takaful invests premiums in accordance with Islamic values and Shari’ah guidelines.
    Insurer invests premiums consistent with profit-motive with no moral guidelines; hence co-existence of Al Riba and Al Maisir.

    FCB Takaful Products

    • Domestic Takaful
    • Money Takaful
    • Domestic Package Takaful
    • Burglary Takaful
    • Insurance Premium Financing (IPF)
    • Goods in Transit Takaful
    • Professional Indemnity Takaful
    • All Risk Takaful
    • Public Liability Takaful
    • Facility Guard
    • WIBA Takaful
    • Personal Accident Takaful
    • Fire and Allied Perils Takaful
    • Mortgage Protector

    For more information

    Get in touch with us

    +254 20 284 3000

    Email

    contactcenter@fcb.co.ke

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