Takaful Window

We have become the first Company in Southern Africa, offering Takaful Insurance. We offer Banca Takaful, Fire & Allied Perils, General Accident, Marine and Motor Takaful. Phoenix Takaful has therefore, become the First Insurance company in this region to pioneer the process of profit sharing at the end of the term.

The system of Islamic Insurance is based on the concept of Takaful which means JOINT GUARANTEE. The contract of Takaful as a business venture is based on the Islamic profit sharing of Al-Mudarabah. In this regard, clients of Takaful known as Participants shall be entitled to earn returns on the Premiums (Contributions) paid in consideration for their participation in Takaful products provided by Phoenix subject to the declaration of profit at the end of the term.

All operational matters, investment decisions, management and marketing of Phoenix Takaful are overseen by a Shariah Advisory Board composed of a highly respected and learnt local Islamic scholar.

Our agents are highly trained not only in the science of Insurance but in the art of customer relations, to provide a personalized and efficient service, anticipating and meeting customer need expectedly.

We are together, committed to an effective and efficient process to solve customer problems in the fairest manner at all times.

We believe in doing the right things from the first time and every time. Quality and continues improvements shall be the key drivers in all our management processes.

We will operate with the highest moral and ethical standards; we will take responsibility for delivery of our services, our promises to our Participants and business partners. To briefly provide you with an answer to the most asked questions, about Takaful, we present to you the following as basic elements of Takaful and its comparison to Conventional Insurance practice:

Takaful means Mutual Guarantee by members of a group who agree to contribute to the creation of a Fund primarily meant to assist the needy members. This includes financial aid to the needy member of the group based on Shariah Principle of mutual cooperation on common good.

Hence, an individual puts his/her faith and trust in Allah (s.w) in order to receive his protection and then participate in this Risk Sharing pool as an act of piety in contributing towards the benefit of the less fortunate member of the community and to lessen his/her losses from covered Risks should they occur.

Separation of Accounts

Shareholders Fund Policyholders Fund
  • Paid-Up Capital and reserves attributable to S/Holders
  • Profit on the investment of Capital and S/Holders reserve
  • Such proportion of the insvestment profit generated by the investment of the policyholders’ fund and technical and other reserves as is attributable to them
  • Miscellaneous receipts
  • Insurance premiums received
  • Claims received from re-insurers
  • Such proportion of the investment profits attributable to policyholders as may be allocated to them by the Board of Directors.
  • Salvages and recoveries
  • Consultancy and other receipts.


PHOENIX ASSURANCE IS CURRENTLY OFFERING THE FOLLOWING SHORT TERM CLASSES TAKAFUL PRODUCTS: Motor, Marine, Travel Medical, Fire & General Accident, and Banc assurance as outlined below:

FIRE TAKAFUL SCHEME: Don’t Let Fire Destroy Your Happiness. Everyone should consider the possibility of a fire, as when it starts getting out of control, we may lose the fight. A fire that rages could be destructive. Phoenix Takaful Zambia offers the Takaful Fire Scheme to enable you to prepare yourself, in case of a fire. It is also a way to ensure a complete coverage for your assets. This provides cover for your property (e.g Buildings, fittings, furniture, etc.) against damages or loss by fire, lightening and explosion. The certificate could be extended to provide cover against financial losses arising from risks allied to fire outbreaks like: Windstorm, impact, aircraft damage, etc. Contributions are based on the value of the items to be covered, which is in accordance with Shariah’s position on precautionary measures in before putting trust in Allah.

BURGLARY: Like fire, thieves can economical destroy one’s life within a single moment. To minimize the impact such possible loss could cause an Individual, Contents of a building of business or private could be covered against theft through violent and forcible means

MOTOR TAKAFUL SCHEME: Our Motor Takaful offers cover for Comprehensive and third party benefits for vehicles of all categories.

Comprehensive Motor Takaful provide cover for the vehicle for partial or total loss resulting from accident. It also covers third party death, bodily injury and property damage. The contribution charged is based on the Value of the vehicle and its date of manufacture.

Third party motor Takaful provides compensation for third party death, bodily injury and property damage.

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