Who chooses a Takaful company for leasing?

In leasing products, the bank may deal with a specific takaful company or a list of approved companies to protect the asset.

Key points

• Before signing, ask: Can I choose another company?

• Who pays the premium?

• Who benefits from compensation?

• What are the coverage limits and deductible?

• Choosing a company is less important than understanding the policy, its cost, and what it actually covers.

The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.

Source

• AAOIFI — Sharia Standard 9: Ijarah and Ijarah Muntahia Bittamleek