IslamicFinance.de

Pakistan's Pak Qatar Family Takaful Limited (PQFTL) has signed a BancaTakaful agreement with JS Bank Limited. This agreement marks the first direct arrangement between Pak-Qatar Family Takaful and any Bank for Banca Takaful. The signing ceremony was held at JS Bank’s head office in the presence of senior officials from both partners, including Muhammad Menhas, Deputy CEO and Country Sales Head, Kamran Rashid, Head of BancaTakaful and ADC and S Adnan Hasan, Head of Marketing and Corporate Communication from Pak-Qatar Family Takaful Ltd. JS Bank was represented at the session by Khalid Imran, President and CEO, Kamran Jafar, Group Head - Corporate and Retail Banking Group, and Babbar Wajid, Head of Product Development & Business Management.

Pak-Qatar Family Takaful Limited is a progressive and a technology-driven Shari'ah Compliant company providing Takaful solutions in Pakistan. Beginning operations in 2007, the company has an independent Shari'ah Advisory Board chaired by Mufti Muhammad Taqi Usmani which certifies all products and operations for Shari'ah compliance. The company is rated A (having Stable Outlook) by JCR-VIS Credit Rating Co Ltd. The paid-up capital of Pak-Qatar Family is in excess of Rs 700 million. Pak-Qatar General Takaful Limited is chaired by Sheikh Ali bin Abdullah al-Thani and sponsored by several financial institutions form the State of Qatar. The company is present in all major cities of Pakistan, and is on track to further expanding its branch network.

Press Release

Karachi, October 7: Standard Chartered Bank Pakistan (SCBP), the largest international Bank in Pakistan, has signed a strategic cooperation agreement with Pak-Qatar Family Takaful, Pakistan’s first and largest family Takaful operator, and FWU AG, a global facilitator of bancatakaful.

This agreement will lay the foundation for Standard Chartered to launch Pakistan’s first Shariah compliant Bancassurance (BancaTakaful) products across its branch network. These products will provide Standard Chartered’s customers with Long term Savings plans specifically catered to fulfill their future financial needs. In addition, the Takaful cover, will offer financial protection to families for the fulfillment of the above obligations in case the breadwinner is unable to do so due to untimely death. All this without having to compromise on their beliefs.