Takaful is attracting popularity around the globe

Al-Huda Centre of Islamic Banking and Islamic Economics and Lahore Chamber of Commerce and Industry (LCCI) jointly organized a specialized seminar on Islamic Banking & Insurance (Takaful) at Lahore Chamber of Commerce and Industry (LCCI) auditorium. A large number of Businessmen, Industrialist, Bankers and others Scholar came to attend this seminar. President LCCI, Mr. Shahid Hasan Shiekh, CEO Takaful Pakistan Ltd. Capt. Jamil Akhtar Khan, CEO Alhuda CIBE Mr. Zubair Mughal, Mr. Tanveer A. Harral National Sales Manager Arif Habib Investments Ltd. Mr. Hamad Rasool Director Wapda Sukuk Co. Ltd comprehensively explained the concepts of Islamic Banking, Islamic Insurance (Takaful) and Sukuk.

Mr. Shahid Hussan Sheikh appreciated the trend and pace at which Islamic Banking and Takaful is gaining popularity in Pakistan. He urged the business community to be come quickly towards Islamic Banking and Insurance to join hands in eradicating interest (Riba) from the economy. Capt Jamil Akhter Khan – CEO Takaful Pakistan Ltd informed that Takaful is attracting popularity around the globe not only in Muslim countries but also in Non-Muslim countries. He added that initially only two Takaful companies are operating in Pakistan at the moment but 5 more applicants are under approval for license in SECP. While over 100 companies are operating in 30 countries worldwide.
Capt. Jamil declared that Takaful Pakistan Ltd is in the process of developing ‘Micro Takaful’ products which will be used as an instrument in eradicating poverty  from the economy. He further added that Takaful Pakistan Ltd is a jointly owned institution by Pakistani and International Financial Joints which include House Building Finance Corporation (HBFC), Emarits Global Islamic Bank, Emirates Investment Group, Abouria Group, Dubai, Arif Habib Investments and Sitara Chemicals. He pointed out that Takaful companies are bringing more foreign Investment into Pakistan.

Mr Zubair Mughal – CEO Al-Huda CIBE discussed the role of Al-Huda in conducting such seminars and conferences with Islamic Financial Institutions. He informed that at the moment 6 full fledged Banks and 12 conventional Banks with nearly 200 branches are working in Pakistan .

Mr. Hamad Rasool, Director WAPDA Sukuk Co Ltd told that WAPDA is currently working on issuance of another SUKUK Issue of 12 to 15 Billion which will not only strengthen Islamic Banks and Investments in Pakistan but will set example for more Organisations to issue Sukuks in Pakistan. He explained that Pakistan is ripe for more larger issues of Sukuks(Islamic Bonds) as expert skills and opportunities are available in Pakistan . He added that setting up of Takaful companies is an added advantage to the cause of Islamic Banks which will the wheel faster.

Mr Tanweer Haral National Sales Manager – Arif Habib Investments gave data on Islamic Funds in Pakistan . He informed that their Islamic Fund attracted a record 4500 Investors. He added their Arif Habib Investments plans to introduce Shariah badsed pension scheme in 2007 under Voluntary Pension Scheme of SECP.