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Pak-Qatar Family to launch their products
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KARACHI: Pak-Qatar Family Takaful would launch its individual health, education, retirement saving products. This was stated by Pervaiz Ahmed, Chief Executive Officer Pak-Qatar Family Takaful in an interview.

He was of the view that the real competition between conventional insurance and Takaful would be based on better pricing, better services and variety of products and not merely the Halal aspect. Pervaiz opined that we can't attract people to buy our Takaful products merely on the basis of being Halal, in fact we would have to work hard to provide them matchless services with the added advantage of being Halal that would make them realize the benefits of Takaful.

He said the in Pakistan insurance ratio is merely 3 of the GDP as our saving ratio is just 12% to 13% compare to India where saving rate is 27%. In Pakistan saving ratio is quite low due to non availability of saving environment.

He termed consumer financing as being one of the major reason of low saving as people are spending more than their monthly incomes. In Pakistan most of the people don't come towards insurance either because of lack of awareness or the religious factors, he added.

Pervaiz believed that through Pak Qatar Family Takaful people can now benefit in health, education, retirement and savings. Explaining the concept of Takaful, he said that it is an alternative Halal way of mitigating the risk. The word Takaful comes from the Arabic root word Kafala, meaning "guarantee" or taking care of one's needs. Takaful is a Shariah compliant arrangement whereby individuals in the community jointly guarantee themselves against future losses or damages. Pervaiz said that the key elements of any Takaful arrangement are the participants, the Takaful Pool, and the Takaful Operator (company).

The Takaful Pool is managed in the shape of a Waqf (Endowment) by the Takaful Operator which is actually just an operator and carries out its role in the form of a Wakeel (agent).

Participants pool their contribution, which are given in the form of donations, into the Waqf from which they may benefit in the event that they suffer a loss. All claims are paid out by the Waqf and not the Takaful Operator. In order to effectively carry this out they need a tool which is not only effective in mitigating risk but also immaculately serviced, competitively priced, is in compliance with our ethical and religious beliefs and, most importantly, better for the individual and the community. That tool is Takaful.

Pervaiz informed that Pak-Qatar Family Takaful will offer products providing financial protection and long term savings such as death/disability Takaful, health Takaful, Education Plans, retirement income plans and other savings schemes.

It is run by a strong and professional management team which is keen to make Takaful a successful concept in Pakistan.

He said that Pak-Qatar Family Takaful Ltd is the first dedicated Takaful Company which would provide Family and Health Takaful products in Pakistan. Being the first to enter in this area, we look on this premier role as a challenge and a great responsibility, he added.

Pervaiz said that Takaful is a transparent and effective way of mitigating risk. He informed that in Malaysia 70% of the Takaful consumers are non-Muslims that show that Takaful is a transparent system and people belonging to all religions can benefits from it. He further stated that currently there is around US$ 28 billion dollars Takaful business across the world.

He informed that first Takaful Company was established in Sudan in 1979 and currently Saudi Arabia, UAE, Bahrain, Kuwait, Malaysia, Indonesia, Srilanka, America, Canada and several other countries have operational Takaful companies.

He said that initially Pak-Qatar Takaful has established its offices in Karachi, Lahore and Islamabad. However, by the end of the current year more offices will be established in Faisalabad, Multan and Peshawar.

In 2009 more offices will be established in 15 to 16 cities of Pakistan. He informed that initially the paid-up capital for Pak-Qatar Family Takaful is Rs 550 million.

Courtesy by “ APP“
 
 
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