KARACHI (March 16 2007): Takaful Pakistan Limited, the recently licensed Islamic Insurance company in Pakistan, issued its first policy yesterday to Hassan Aziz Bilgrami, President of Bank Islami Pakistan.

"This milestone opens up new horizons for Islamic insurance in Pakistan. The people of the Islamic Republic of Pakistan now have another responsive insurance alternative that is fully Shari'ah Compliant", said Captain M Jamil Akhtar Khan, CEO of Takaful Pakistan.

Takaful Pakistan Limited was licensed on Friday, March 9th, 2007. With an initial paid-up capital of Rs 200 million, the company is sponsored by reputable local and international financial institutions managed by a team of experienced professionals. Its Shariah Advisory Board is headed by Professor Dr Mahmood Ahmad Ghazi and includes Professor Dr Anis Ahmad, Mufti Mohibul Haq and Mufti Khalil Azami.

Captain Jamil further said that Takaful Pakistan has the capacity to underwrite risks in all avenues of General Insurance namely, Property (fire and engineering), marine, motor, liabilities, etc.

In addition, the company has the expertise to offer comprehensive coverage for large infrastructure projects, specialised risks as well as umbrella/blanket covers specifically tailored for the Islamic banking operations, he added. With its head office in Karachi, the company is planning to expand its operations in all the major cities of the country.-PR