QIB launches Walady child education plan
Qatar Islamic Bank (QIB) has introduced a child education plan, Walady. It is a long-term savings and investment plan coupled with Takaful protection for the parent, and offers a return on contributions depending on the fund’s performance. Upon maturity of the contract, the outstanding value of the participant’s investment account is paid in a lump sum to take care of the education needs of the child; in the case of the early death of the parent, the amount of life cover is paid upfront to the nominee as per the terms and conditions of the contract; and in the event of the parent’s total disability, regular contributions will be paid until maturity of the plan subject to satisfying the claim conditions. Walady was underwritten by Medgulf Takaful.
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