Real Estate and Takaful

Many developers experience difficulties in their property sales currently mainly due to the uncertainty in global economy as a result of oil price hike and depreciating in US dollars. Thus, developers must create innovation in their marketing strategies such as incentive to lure more potential buyers. One 'out of the box' idea is to package strategically with takaful products. Assuming that the price of an apartment is say USD50,000. The developer may allocate say 20% or USD10,000 for takaful package to add several benefits such as cash back equivalent to USD50,000 at the end of 20 years, death benefits equivalent to the outstanding balance of financing, fire insurance, and personal accident cover. It can be promoted in such a way that the buyer will obtain an apartment, fully covered against loss due to death or permanent total disability for any causes, fire and moreover money back "guaranteed" at the end of certain period which can be utilized as a pension benefit should the buyer survives the period.