IslamicFinance.de

Pak-Qatar Takaful Group recorded a strong growth with a combined turnover of Rs5.5bn ($54m) for the year ended December 31, 2013. The Group made a profit of Rs74m ($0.7m) during the year. Pak-Qatar Takaful Group, which comprises of Family Takaful and General Takaful, reviewed and approved the financial statements of Pak-Qatar Family Takaful and Pak-Qatar General Takaful for the year during the group's board meeting held recently in Doha. The company's paid-up capital is in excess of Rs710m, with credit rating of 'A' (Stable Outlook) by JCR-VIS Credit Rating Co Ltd.Pak-Qatar Family is recipient of several domestic and international awards and nominations.

Takaful is set to push up its annual growth from existing around 25 percent to stiffen competition with the conventional industry, as public trust is pouring into the Islamic insurance rapidly. There is, however, need to create mass awareness about the industry and its authenticity to increase the general public confidence, according to Head of Marketing Pak-Qatar Takaful Group, Syed Adnan Hasan. He said Takaful is expanding its client base as corporate sector, which is attaining its bigger share. However, there are some challenges the Shariah compliant insurance is facing to increase public response and dispel religious misunderstanding of insurance industry. Religious understanding about the Takaful among the public could help pave way for the industry's penetration. Takaful and conventional insurance practically achieves the same purpose but by starkly different means and that is the fundamental difference between the two. People still associate the feelings they have for insurance with Takaful and that is rather unfortunate.

Sheikh Ali Bin Abdullah Thani J. Al-Thani, Chairman of Pak-Qatar Takaful Group, inaugurated the village for Pakistani flood victims on February 27. The Sheikh Thani Bin Abdullah for Humanitarian Services foundation allocated a significant sum for the establishment of the "Doha Village Project". Total area of the village is 11 Acres and total number of beneficiaries is around 1600-2000. It includes 200 residential homes, a school, shops and clean drinking water, among other services.