How it works:
- Coverage up to SR 200,000
- Outstanding Alawwal credit card balance paid to the bank by the insurance company in case of death or permanent disability
- Nominal monthly fee of 49 halala for every SR 100 of outstanding credit card balance
Terms & Conditions
- Alawwal Credit Shield coverage is applicable in case of death due to any cause and permanent total disability (accident or sickness), unless excluded as per the policy terms and conditions.
- Age limit to enroll: 18-64 years. Cover is valid only up to the age of 65 years, where after the coverage will expire.
- Sum covered is the outstanding balance of participant’s card account and not exceeding SR 200,000.
- Cardholders will be covered as long as they are complying with the Terms & Conditions and making card payments on time.
- Coverage will commence from the next statement date after customer requests to enroll for Credit Shield.
Approved by Shariah Board for Shariah Compliant Credit cards
The Credit Shield insurance is underwritten by Wataniya Insurance Company and the coverage is provided subject to policy terms and conditions. The contract of insurance is between the insurer (Wataniya Insurance Company) and the insured (you/the client) and not between the bank and the insured. The insured voluntarily chooses to enroll for this policy and will not hold Alawwal Bank responsible for any claims, processing or otherwise in connection with this Credit Shield insurance policy.