An impressive but simple M.O.U. Signing Ceremony between Takaful Pakistan Limited and Al- Baraka Islamic Bank took place today at Avari Hotel Lahore on Friday, 11th January 2008.

The Chief Executive Officer of Takaful Pakistan Limited Captain Jamil Akhtar and Country Head of Al- Baraka Islamic Bank. Mr Shafqaat Ahmed signed the documents.

According to the M.O.U., Takaful Pakistan Limited will provide all kinds of Shariah Complaint Insurance Services to Al- Baraka Islamic Bank and its consumers.

This Memorandum is given high importance in the financial sector for promotion of Islamic Banking and commerce.

While speaking on the occasion Chief Executive Officer of Takaful Pakistan Limited, Capt. Jamil Akhtar said that we feel honoured to offer our Services to the Al-Baraka Islamic Bank and its consumers in particular while Takaful Pakistan Limited will play an important role in the growth of Islamic Banking and Economic Sectors in general.

He said that Takaful is an emerging sector in Pakistan and is yet in its infancy in the country; but it draws its strength from an overwhelming public response for this Shariah compliant Insurance solution.

He further added that besides operating in muslim countries, there are more than 107 takaful companies operating successfully in 35 countries that include non muslim countries such as USA, England, India and Srilanka etc.

Enlightening on the objectives of the M.O.U., the Country Head of Al-Baraka Islamic Bank, Mr. Shafqaat Ahmed said that the main object of the M.O.U. is the provision of Shariah compliant Insurance services to Al-baraka Islamic bank. He further said that through introduction of Takaful companies in Pakistan, the objection against insurance of Islamic product, through the conventional insurance has also been removed.

He observed that the temporary “Rukhsa” given by the Shariah Scholars in this respect has now been withdrawn.

While explaining the structure of Al-Baraka Islamic bank he said that Al- Baraka Islamic Bank is an international Islamic Bank and it provides services in over 12 Countries Including Pakistan, where Al-Baraka Islamic bank is the pioneer of introducing Islamic banking.

Takaful Pakistan is a Joint venture company of six local and international organizations pertaining to the Banking and Financial sectors and is providing services related to Islamic Insurance.