Pak-Qatar Family Takaful Limited, the pioneer of Family Takaful in Pakistan, has launched its first Individual Family Takaful products in the country, starting with their Share & Care - Savings Takaful and ABC - Education Takaful plans. These plans are the first of its kind to be launched in Pakistan. This was announced by CEO of Pak-Qatar Family Takaful Limited, Mr. P. Ahmed in a Press Conference today. 

Share & 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 bread-winner should be unable to provide for them in the future due to unfortunate events. 

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 installments 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. 

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, Mr. Ahmed added. 

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 Mr. Ahmed, thus creating thousands of job-opportunities for people from all walks of life, either being from common or religious educational backgrounds. 

He informed that Pak-Qatar Family Takaful Limited's main sponsor are some of the most prominent and leading financial institutions from the State of Qatar, including the Qatar Islamic Insurance Company, Qatar Islamic Bank & Qatar National Bank and Munich based FWU AG. The initial paid-up capital for Pak-Qatar Family Takaful was 525 million rupees, Mr. Ahmed added. 

The Re-Takaful arrangements of Pak-Qatar Family Takaful Limited were made with world renowned Re-Takaful providers Munich Re and Takaful Re, Dubai. Additionally to that a strategic alliance with FWU AG from Germany was undertaken to promote BancaTakaful as an alternative distribution channel for Takaful products in Pakistan.  

He said that risk mitigation and financial protection is something that everybody needs to be concerned about. In order to do this efficiently, a tool that is not only effective in mitigating risks but that also offers impeccable client service and is competitively priced as well as in compliance with ethical and religious beliefs of the majority of the people of Pakistan is needed. That tool is Takaful.