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Doha • The two newly formed insurance firms; Pak-Qatar Family Takaful Ltd and the Pak-Qatar General Takaful Ltd have already started functioning following their acquiring licences in August.
Qatari investors have an 80 per cent stake in these two insurance firms while Pakistani investors — both individuals and corporates, hold the remainder.
International Islamic (Qatar International Islamic Bank) and Qatar Islamic Insurance Company are the driving force behind the two Islamic insurance firms in Pakistan. The other major promoters from Qatar include Qatar National Bank (QNB), Qatar Islamic Bank (QIB), Masraf Al Rayan and Amwal and they are represented on the board of directors of both the firms. |
Pak-Qatar Family Takaful Ltd with a start up capital of Pakistan rupee 500m is the first Islamic insurer in Pakistan to offer life coverage. In general takaful, already two Islamic insurance companies operate in Pakistan.
The first meeting of the board of directors of the Pak-Qatar Family Takaful Ltd and the Pak-Qatar General Takaful Ltd has elected Sheikh Ali bin Abdullah Al Thani as chairman of both the companies, a news release said yesterday.
Izzat Rashid is the vice-chairman for both the Islamic insurance firms, which will be based in Karachi.
The Pak-Qatar Family Takaful Ltd board of directors includes Sheikh Ali bin Abdullah Al Thani (chairman),Izzat Rashid (vice-chairman), Abdulbasit A Al Shaibei (International Islamic CEO representing his bank), Zahid Hussain Awan, Choudhry Mohamed Wasi (QIB), Mark Diab (Amwal), Ali Abdullah Darwish (QNB) and Said Gul (a prominent Pakistani businessman).
The Pak-Qatar General Takaful Ltd board of directors includes Sheikh Ali bin Abdullah Al Thani (chairman), Izzat Rashid (vice-chairman), Abdulbasit A Al Shaibei (International Islamic CEO representing his bank), Zahid Hussain Awan, Choudhry Mohamed Wasi (QIB), Mark Diab (Amwal), Ali Abdullah Darwish (QNB), Said Gul (a prominent Pakistani businessman) and Fawad Yousaf, a Karachi-based businessman.
Sheikh Ali in a statement said Pakistan provided great opportunities for growth for both Pak-Qatar Family Takaful Ltd and the Pak-Qatar General Takaful Ltd.
"Several Islamic financial institutions based in the Middle East are now entering Pakistan. Pakistan's laws now provide for 100 per cent investment in its insurance sector," he said.
He said the CEOs of both companies have already been appointed. The soft opening of both the Islamic insurance firms has already been held. "We plan to have a formal opening by the year-end and open branches in other Pakistani cities later," he added. |
