Qatar Takaful launches products in Pakistan

LAHORE - Pak-Qatar Family Takaful Limited, the pioneer of Family Takaful in Pakistan and Qatar's first direct investment company with 525 million rupees of paid-up capital, has launched its first Individual Family Takaful products in the country, starting with their Share and Care - Savings Takaful and ABC - Education Takaful plans.

These plans are the first of its kind to be launched in Pakistan. The CEO of Pak-Qatar Family Takaful Limited. P. Ahmed stated this while addressing a press conference here on Thursday. Director of Pak-Qatar Family Takaful Limited Zahid Hussain Awan was also present on the occasion.

Ahmed said that Share and Care - Savings Takaful is an ideal plan for families who would like to save smaller amounts of money and accumulate them into large investments for particular future needs like buying a house or providing financial support in old age.

Together with the benefit of saving, this plan also offers a financial protection to the family, if their breadwinner should be unable to provide for them in the future due to unfortunate events.

He elaborated that the ABC - Education Takaful Plan was particularly designed for families who want to ensure the continuity of the child's ongoing education even if the sponsor parent wouldn't be around. It helps to multiply savings for the ever-increasing educational expenses in future. On completion of the membership-term the investment value of the Plan will be paid either as a lump-sum or in regular instalments to be utilized for the payment of college/university fee.

These two plans are unique and competitive as they are affordable for the general public on one hand but don't compromise on ethical and religious values on the other.

By saving just Rs 1,250 per month one can become the member of Pak-Qatar Waqf pool and avail various benefits.

He said that Pak-Qatar Family Takaful Limited manages the investments on behalf of all Takaful participants based on the principles of Wakalah. As the Wakeel of your savings, it is our responsibility to invest prudently and proactively and to generate Halal returns on it, Ahmed added.

The CEO of Pak-Qatar Family Takaful said that initially Pak-Qatar Family Takaful Limited has established its Head-office in Karachi and branches in Islamabad, Lahore, Kotli, Peshawar, Gujrat and Faisalabad. By the end of 2008 we would have established 16 more branches including in cities such as Sialkot, Multan, Hyderabad, Sukkur and Quetta.

Eventually, we plan to create a distribution network throughout every city and town in Pakistan, remarked Ahmed, thus creating thousands of job-opportunities for people from all walks of life, either being from common or religious educational backgrounds