Value addition for Amana Bank Savings Plan from Amana Takaful

Thursday, 4 December 2014 00:00 - - {{hitsCtrl.values.hits}}

Amana Bank recently launched a new product titled ‘Savings Plan’ which is unique savings scheme that allows customers to reach a target savings amount by a desired time period. A key feature of the product is the inclusion of a Life and Disability cover provided by Amana Takaful to match the target savings amount. The benefit is offered to Savings Plan customers free of charge, whereas Amana Bank absorbs the cost of premiums on the cover.

Amana Bank CEO Mohamed Azmeer exchanges agreement with Amana Takaful Life CEO Reyaz Jeffrey while Senior Manager/Business Development (Corporate Accounts) Shamail Annam, Manager/Business Development (Corporate and Group Life) Priyanthi Newmen from Amana Takaful (left) and VP Operation and Business support M.M.S. Quvylidh, VP Consumer Banking and Strategic Marketing Siddeeque Akbar, Manager – Consumer Banking Business generation Arshad Jamaldeen look on (right) The key benefit of the product is that the purpose, of which the saving was initiated by the customer, can be fulfilled even in the context of an unforseen event. In such instance the customer’s nominee will receive the Life Takaful cover amount which will be equal to the targeted savings amount (up to a maximum of Rs. 1 million) plus the accumulated balance in their savings plan account. A ceremony was held at the bank’s to sign and exchange a Memorandum of Understanding on enabling this corporate office offering between Amana Bank and AmanaTakaful with the participation of the bank’s Chief Executive Officer Mohamed Azmeer and Amana Takaful Life Chief Executive Officer Reyaz Jeffrey along with other senior management of both institutions. Commenting on this Mohamed Azmeer said, “We are happy to have obtained the service of Amãna Takaful in providing this unique vale addition to our Savings Plan product. This feature synergizes well with our product objective.” Also sharing his views Jeffrey said, “Amana Bank Savings Plan is an ideal financial product loaded with meaningful benefits. We are honoured to have worked with Amana Bank on this Takaful value additionenabling customers to be the ultimate beneficiaries.” Amana Bank Savings Plan is ideal to help develop the discipline of savings for the future, such as saving for a child’s higher education, wedding or any other future financial commitment. The Savings Plan is available for individual applicants who are aged between 18 and 55 years while the minimum target savings amount will be Rs. 100,000 and maximum amount will be Rs. 5,000,000. Monthly instalment starts from Rs. 1,666 and Savings tenures range from one to five years.