Bena’a Saving Program

Ajman Credit Union offers three suggested programs under Bena’a and each program serves a specific goal:

• Bena'a for Future: A family program that is designed to help you save for future expenses, i.e. buying a house, land or financing your own business.
• Bena’a for Education: A program designed to help you provide the best education you can afford for your children.
• Bena’a for Retirement: A program designed to help you plan for a comfortable retirement and provide you with extra funds when necessary to maintain a convenient retirement, whenever you decide to retire.

Note: It is not mandatory to choose one of these programs, however these have been as suggested plans to help you define and achieve your future goals.

Bena’a offers several features and variety of choices according to your needs:

• Approved by Ajman Credit Union’s Islamic Banking Shari’a Committee
• Decide on the amount of your contribution and the duration of the program in a manner that is most convenient to you. However, you may also select the duration of the program between 10 and 50 years, bearing in mind your age should be 18 years old or more when you join the program and less than 70 years old at the end of the program
• Choose between monthly and annual contributions
• Increase your contribution any time during the program
• You may shift your investments between portfolios four times a year, free of charge
• You can make additional single payments to your program from time to time, other than regular contribution
• When your investment amount reaches AED 50,000 you can cease further contributions and leave the balance amount invested. However, in this case the "Family Protection" benefit will not be applicable
• You can liquidate a part of your plan if the resultant plan value is at least AED 50,000 and the resultant premium is not less than AED 600
• You can have peace of mind by enjoying the "Family Protection" feature, which provides fulfillment of your financial goals and protection of your family in case of death, before the end of the program
• "Bena’a" gives you the opportunity to invest small amounts without needing a big capital, in Ajman Credit Union’s investment portfolios. These investment portfolios are fully compliant with Islamic Shari'a and you should take note that Ajman Credit Union has won multiple awards in the investment field

1. Only in the first two years the premium allocation rate is 75% (for a 10 years program), or 65% (for a 15 year program or above). In addition to this, starting from the third year until program maturity, the allocation rate is 103% (for a 10 years program), or 104% (for a 15 year program or above).
2. "Family Protection" fees are deducted on a monthly basis, by cancelling out your investment units to pay the costs of "Family Protection" benefit. The fee costs are determined according to your age, gender and investment units' value in your portfolio.
3. Monthly policy management fees are equal to 0.1% of the investment unit’s value.
4. Funds manger fees are varied between 0.5% and 1.5%, depending on the fund chosen.
5. A 7% bid/offer spread for the investment units are applied on all contributions.

Since the start of the "Bena'a" program Ajman Credit Union has lived up to its promise and paid numerous amount of "Bena'a" benefices, predominantly through "the family protection". The program does not only dispense you from paying the commissions in case of death - God forbid, but it also pays out to your family the value of the collective sums which you decided to pay for your subscription period. Ajman Credit Union has paid out 48 families (until July 2014) with “the family protection�? sums benefited to them. The family protection value differs according to the program's length in years and the value of the commissions.

The first payment was made to the deceased’s (A.H) family, and they received a total of AED 960, 000 in Family Protection. The client was a 50 year’s old married man, and a father to four sons. He had subscribed to 10 contracts, five of them with AED 600 monthly commissions while the other five was with SR 1,000 monthly commissions for the 10 year period. Even though his subscription period was not over and he only paid AED 200, 000, his family was given with the "family protection" benefit.

The second payment was to the deceased’s (A.A.D) family. The policy holder was a 45 years old man and a father of three children, who was an employee at the Agriculture Institution. His family received a sum of AED 120, 000 which was due to his family protection total for his subscription (AED 1,000 monthly commission for a 10 year period). The client only had paid AED 36,000 before he passed away - may God bless his soul after 3 years after the beginning of his subscription plan.

The third payment was to deceased’s (A.A.Sh) family, where the client was a 37 years old, customer services officer at Ajman Credit Union. The client passed away - may God bless his soul, after paying only two commissions (AED 1, 200), but his family received a total of AED 72, 000 which was the family protection sum for his subscription at AED 600 a month commissions for 10 a year period.

The fourth case was the (A.H) family. The deceased was a 30 years old soldier at the Royal Aviation Forces. His wife and family received AED 72, 000 while he only paid one commission (AED 600) before passing away - may God bless his soul.

Also the wife and family of the deceased client (T.M) who received AED 280, 800, which was the "family protection" value of AED 600 monthly commissions for 39 years. The client was a 31 year old private at the Aseer Police Office, and he only paid one commission (AED 600) before passing away - may God bless his soul.

The deceased client (W.A) was a 22 years old, first class private at the National Guard, and he passed away - may God bless his soul, after paying AED 2, 400, but his family received a total of AED 72, 000 that was due because of the "family protection" value of AED 600 a month commission for a 10 year period.

The deceased client (A.R) was a 62 years old . His family received AED 600,000 which was the "family protection" value of five plans. He passed away - may God bless his soul, after paying AED 260,000 as a total for all plans.

The deceased client (A.Q) who was a 56 years old employee at the Municipality of Al-Hotah, and was a father to six sons. His family received a sum of AED 144,000 which was due to the "family protection" sum of two contracts, each one being AED 600 monthly commissions for a 10 year period. The client passed away - may God bless his soul, after only paying AED 4,800 for each policy.

Finally, the the deceased client (S.N) who was a 45 years old engineer at Bin Laden Est., and was a father to four sons. His family received a sum of AED 972,000 which was due to the "family protection" sum of five contracts, each one being for AED 600 monthly commissions for a 27 year period. The client passed away - may God bless his soul, after having paid AED 24,000 for each contract.