Mortgage & financing Takaful

Definition of "Mortgage & financing Takaful"

Mortgage & Financing Takaful is an insurance policy. Provides protection against financing received from a financial institution. Usually a one-off contribution made at the time the financing is taken out. It will cover the repayment of the outstanding financing to the financial institution if you are unable to do so because of death and permanent disability. The Takaful operator will pay the bank the outstanding amount and the bank releases the ownership of the property to the owner or his beneficiaries