France: SAAFI offers first takaful cover for funerals
Insurance broker SAAFI in France is offering a highly anticipated takaful funeral and repatriation to the product, the first such Islamic insurance product in the country.
Called Sakina (meaning “inner peace” and “tranquility of the heart” in Arabic), it allows subscribers to cover the costs of funerals and possibly repatriation by incorporating religious rituals and respecting their last wishes. The product was launched at the request of Muslim funeral societies and organisations in France. The insurance covers those aged 12 to 85.
The subscription is accepted without the customer having to answer a medical questionnaire. The contract allows the participant to obtain funds intended to cover the costs of a funeral and repatriation to the country of origin of the insured. Repatriation will be made to North Africa, Central Africa or the Indian Ocean region.
On the death of the insured, the insured amount is paid out to the beneficiary named in the takaful contract. The beneficiary may be a natural person or a legal person such as an undertaker.
Marseilles-based SAAFI engages in three areas of expertise: takaful brokerage, Islamic financial investment advice and social responsibility training.