Pak-Qatar General & Family Takaful sign MOU with Dubai Islamic Bank Pakistan

Pak-Qatar General Takaful Limited (PQGTL) and Pak-Qatar Family Takaful Limited (PQFTL) have signed an agreement with Dubai Islamic Bank Pakistan (DIBP) for Takaful products.

Pak-Qatar General Takaful would provide Takaful coverage to the assets of the Car Ijarah and Housing Finance lines at DIBP while Family Takaful would provide Life and Health Takaful cover to DIB's employees.

The agreements were signed by the representatives of Pak-Qatar General & Family Takaful and Dubai Islamic Bank Pakistan.

According to the agreement PQGTL would provide comprehensive Takaful for DIBP's Car Ijarah assets. This cover would include cover for riots, acts of terrorism and natural disasters. Cover for DIBP's home finance assets will include natural disasters, fire and allied perils. PQFTL would provide DIBP's employees with Life, Health and staff loan coverage.

Commenting on the Bank's performance CEO DIBP M A Mannan shared, 'Our Auto Finance facility registered a volume of RS2.9bn within 9 months of its launch. Likewise, in Home Finance, within 12 months time DIBP registered a volume of RS2.6bn, which is the fastest growth rate in the entire industry.'

Elaborating on the accord, Mannan said, 'Being an industry leader carries the added responsibility of constant innovation. This agreement is part of our commitment to continue adding value to our product offering in a Shariah compliant manner.'

CEO of Pak-Qatar General Takaful M. Vaqaruddin in his statement said that in order to provide the best possible service to the participants, the Pak-Qatar Takaful group has implemented a state of the art IT system from Malaysia. He said that the agreement with a World Class bank like DIBP is a sign of our better services that are backed by experienced management and a powerful system.

M. Vaqaruddin said that we have all the required elements needed to be able to provide the required products and services in order to financially protect the community. In addition to strong and committed sponsors, we have made our Re-Takaful arrangements with world renowned Re-Takaful providers.

CEO Pak-Qatar Family Takaful Mr. Pervaiz Ahmed said that Pak-Qatar Family Takaful is committed to working with professional organizations so that they can meet the financial protection needs of their valuable employees. This agreement with DIB will generate a lot of synergy and add value to both the organizations.