Amana Bank is a licensed commercial bank in Sri Lanka practising Islamic finance

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Value addition for Amãna Bank Savings Plan from Amãna Takaful

Amãna 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 Amãna Takaful to match the target savings amount. The benefit is offered to Savings Plan customers free of charge, whereas Amãna Bank absorbs the cost of premiums on the cover.

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 unforeseen 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 LKR 1 Million) plus the accumulated balance in their savings plan account.

A ceremony was held at the Bank’s Corporate Office to sign and exchange a Memorandum of Understanding on enabling this offering between Amãna Bank and Amãna Takaful with the participation of the Bank’s Chief Executive Officer Mr Mohamed Azmeer and Amãna Takaful Life Chief Executive Officer Mr Reyaz Jeffrey along with other senior management of both institutions.

Commenting on this Mr 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 Mr Reyaz Jeffrey said “Amãna Bank Savings Plan is an ideal financial product loaded with meaningful benefits. We are honoured to have worked with Amãna Bank on this Takaful value addition enabling customers to be the ultimate beneficiaries”

Amãna 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 1 to 5 years.

1stof December 2014

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