Deposit Account

The relationship between BOK and the Accountholder of Raast Tarseel Account shall be based on the Islamic principles of Mudarabah (Profit and Loss sharing), where the Customer is the Rab ul Maal and the Bank is the Mudarib.

Terms and Conditions of Group Family Takaful Coverage of a Remitter (Single Person)

• The Group Family Takaful Coverage is provided by the Windows Takaful Operator - EFU Life Assurance Ltd Co. Ltd.
• The Group Family Takaful Coverage is for Single Remitter (A person who is nominated by the account holder at time of account opening) not for the account holder.
• The eligible age limit of Remitter for Takaful coverage will be as follow
• Minimum age is 18 years
• Maximum age is 60 years where coverage will be extended till 65th birthday.
• The Group Family Takaful Coverage provided to remitter (Single Person) is free of cost. All the takaful cost will be borne by the BOK-Islamic Banking Group.
• The Takaful claim amount is based on the average balance maintained by account holder in his/her, single/jointly account during the month preceding the date of the incident. In case if incident occurs during first month of account opened then number of days will be considering for calculating average balance.
• Claim will be process by the Windows Takaful Operator - EFU Life Assurance Ltd . after completion of all formalities required by the Windows Takaful Operator - EFU Life Assurance Ltd .
• No claim will be honor or for eligible, if an account closes down for any reason.
• Group Family Takaful Coverage are excluded on those account where last month average balance is less than PKR 10,000/-
• In case of death, takaful claim Amount in PKR will be paid to the legal heirs as per policy of the BOK.
• Account holder will inform the bank within 30 days from the date of incident after lapse of this aforesaid time the bank will not entertain any claim. The following documents but not limited to be provided for claim process for onward submission to Windows Takaful Operator
• Copy of Computerized National Identity Card of the Deceased Remitter
• Copy of Death Certificate issued by the authorized Government Authority.
• Participant’s Remittance detail
• Participant’s Claim Form for identity, branch/region code/serial number, sum covered
• FIR / Police Report
• Postmortem / Autopsy Report.
• Claimant’s Statement
• Claimant’s/Guardian’s Bank Account Number.
• Succession Certificate & Original Guardianship Certificate (if the beneficiary is a minor)
• Attending Physician’s Report.
• Hospital records of admission, treatment and discharge summary reports.

Exclusions

• The Takaful Coverage provided hereunder does not cover any loss resulting from or caused directly or indirectly, wholly or partly to a Remitter, by:
• a) Suicide; or
• b) Self-destruction or self-inflicted injury, while sane or insane, or any attempt there at; or
• c) complications arising from an attempt of murder, homicide, manslaughter, assault, assassination, terrorism, slaying or any malicious or criminal act, whether intentional or unintentional, premeditated or spontaneous, random or targeted, resulting in the death of the Remitter.
• d) over-speeding, racing on the ground, water or air, or engaging in any hazardous past-time or sport; or
• e) war, declared or undeclared, or any act of war or insurrection, or as a result of a strike, riot, civil commotion or service in any military, naval or air force, or performing police duty as a remitter of any military or naval organization; or
• f) while under the influence of or as a result of alcohol, drugs (Other than on medical advise), or other intoxicants; or
• g) the commission or attempted commission of an act which would subject the person to civil or criminal penalties, or the contravention of any law; or
• h) failing to reasonably seek or follow medical advice.
• i) service, travel or flight in any kind of aircraft or aerial vehicle except as a fare-paying passenger in an aircraft operated on a regular schedule by an incorporated common carrier for passenger service over its established air route; or
• j) Pregnancy, miscarriage, childbirth or any non-malignant disease occurring in or in connection with the female reproductive organs; or
• k) Mental or psychosomatic disorder; or
• l) Any medical condition associated with the Human Immune Deficiency Virus (HIV) or its mutations.
• m) enmity or animosity of any kind; or
• n) Murder
• o) Any Pre-existing condition:
• For which treatment or medication or advice or diagnosis has been sought or received or was foreseeable prior to the commencement of Takaful coverage for the concerned or;
• Which originated or was known by the Participant or the concerned Remitter, to exist prior to the commencement of Takaful coverage whether or not treatment, or medication, or advice or diagnoses was sought or received.