Jaiz Bank Insurance Plc, a subsidiary of Jaiz Bank Plc has introduced Takaful insurance services in the country.
In Takaful insurance, members pool their funds together in an arrangement similar to a mutual fund. Such contributions are regarded as being owned by Allah. The funds are then invested into Sharia compliant businesses.
After deducting costs and any claims, the left over funds belong to the contributors. Jaiz Bank Insurance is majorly owned by Jaiz Bank through the Jaiz foundation. The foundation is funded through returns from interest yielding events held by the bank, and used for charity purposes.