Noor Credit Plus
Group Credit Takaful provides cover to a group of customers under a common single master Takaful Certificate.
By this Plan, a financial or non-financial institution such as a bank, cooperative loan society, finance company, etc., would be able to protect its financial interest on the credit facility granted to its clients in the event of non-repayment due to the untimely death or permanent total disability of the client.
In this respect, the cover is similar to the Group Mortgage Takaful Plan. Generally cover provided under the Plan is meant for short term credit only, usually under five-years or less and limited to a lower amount of financing e.g. AED100,000 or less.
The period of takaful may be on an annual basis or for a longer period which corresponds to the period of financing of each customer. As cover is granted on group basis, medical evidence is not required. All customers will be covered automatically under the plan. Thus the administration of the plan is relatively simpler.
