30 August 2009, Manama, Bahrain: t'azur Company b.s.c. (c), (“
t'azur”), a Takaful (Islamic Insurance) company, launched the world’s first charitable insurance product “Sadaqah” at a press conference today. The Sadaqah Plan helps Donors save regular donations which
t'azur invests in Shari’a Compliant funds over a set number of years, after which the accumulated capital is then passed to the Charity of the Donor’s choice. In the event of certain unforeseen circumstances which prevent the Donor from making charitable donations (e.g. disability or critical illness)
t'azur will continue making the regular donations on behalf of the Donor through Takaful (Islamic Insurance), thus guaranteeing that the Charity receives the intended donation in any event.
t'azur’s Chairman of the Board, Sheikh Dr. Abdulaziz Bin Naif Al Orayer said, “We are very proud to introduce the Sadaqah charitable savings plan in the Holy Month of Ramadan - it is perhaps our most important Family Takaful product launched to date. This plan embodies the essence of Takaful, namely mutual help and assistance for the common good, and demonstrates our commitment to Charities and all communities in Bahrain.”
“The Sadaqah Plan is to our knowledge the world’s first insured charitable savings plan. This innovation shows again that Bahrain is the leading Financial Services hub in the Middle East” added
Nikolaus Frei,
t'azur’s Chief Executive Officer.
The Sadaqah product is available through various Charities in Bahrain or directly from
t'azur by calling 8000 1234.
For further information please contact:
Ms. Ala'a Gerashi
Tel: 17561668
Fax: 17561669
Email: [email protected]
