Karachi: Pak-Qatar Takaful Group in collaboration with IBA-CEIF (Centre for Excellence in Islamic Finance) recently held a webinar on Understanding Takaful Products by the company Chairman, Shariah Advisory Board, Mufti Muhammad Hassaan Kaleem and CEO Pak-Qatar Family Takaful, Azeem I. Pirani were key speakers for the webinar.

Mufti Hassaan Kaleem while explaining about the concept of Takaful stated, “The word ‘Takaful’ originates from the Arabic language and means “joint or mutual guarantee”. Takaful is a community-pooling system based on the principles of brotherhood and mutual help wherein participants contribute in a common fund to help those who need it the most.”

He further said that Takaful is a Halal and Ethical way to fulfill your financial protection and saving needs. It is a Halal risk mitigation tool, which serves as an alternative to conventional insurance. It is fully transparent and fair ethical arrangement, which assists participants to share their risk based on cooperation, brotherhood and solidarity for common good.

CEO, Mr. Azeem Pirani while stressing upon the need of Takaful said, “It is extremely important to create awareness amongst the masses about the element of protection and its benefits. Awareness is the key to success and I firmly believe that digital medium along with conventional mediums will help a lot for the promotion of Takaful industry. Conducting regular seminars, workshops and appearance in media will also increase its reach throughout Pakistan.

Mr. Pirani highlighted that Pak-Qatar Takaful Group provides complete protection against all kinds of risks (Life & Non-Life) and has strong support of Re-takaful operators. The Group offers a wide variety of services including Individual, Group and Banca products, which are customized according to the customer’s financial position and needs. All these Takaful products are absolutely competitive, more rewarding and flexible for the customer, compared to the traditional insurance products.

The webinar was followed by Q & A by the viewers and in which the speakers clarified certain misconceptions about Takaful.

About Pak-Qatar Takaful:

Pak-Qatar Takaful Group (PQTG) – The First and Largest Dedicated Takaful enterprise in Pakistan’s Islamic Finance industry, comprises of Shari’ah compliant ventures like; Pak-Qatar Family Takaful Limited (PQFTL), Pak-Qatar General Takaful Limited (PQGTL), Pak-Qatar Investment (Private) Limited (PQIL). These ventures are driven by modern technology and a service-culture, to achieve the fastest growth and high-credibility, by providing innovative Takaful solutions.

The Group of Companies are registered with the ‘Securities & Exchange Commission of Pakistan’ (SECP). PQFTL and PQGTL commenced Takaful operations in the year 2008. The Group has the historic privilege and honor of launching Pak-Qatar Family Takaful Limited as Pakistan’s first and largest Family Takaful Company.

Pak-Qatar Takaful Group, with a vision of “Providing financial protection and investment through Takaful to everyone”, is not only Pakistan’s pioneer and the largest Takaful group but is also the third largest private- sector corporate conglomerate in the entire insurance industry of Pakistan. The Group is proudly managing the assets book valued over PKR 27 Billion.

Pak-Qatar Takaful Group annually contributes over PKR 10 billion to Pakistan’s GDP. Further, the Group has settled and paid claims to Takaful Participants in excess of PKR 12 Billion since inception. PQFTL is the world’s first and only Family Takaful operator that has consistently declared and distributed surplus of approximately PKR 520 million since inception.

Takaful serves as Shari’ah compliant alternative to insurance and thereby all Pak-Qatar Takaful products are duly certified with Fatwas (Islamic Pronouncement) issued by an independent Shari’ah Advisory Board which comprises of world renowned Shari’ah Scholars panel and chaired by Mufti Muhammad Hassaan Kaleem. Mufti Taqi Usmani was the founding chairman of PQTG Shari’ah Advisory Board since inception and had named Mufti Hassaan Kaleem as his successor in 2019. PQTG is the first one to establish a dedicated in-house Shari’ah department with a team of Shari’ah scholars and experts providing around the clock support in all spheres related to Shari’ah learning, research, and compliance.

Pak-Qatar Takaful Group’s paid-up capital is in excess of PKR 1.80 billion which entirely represent Foreign Direct Investment (FDI) in Pakistan, mostly from Qatar-based members of the Group’s board of directors and shareholders.

Pak-Qatar General Takaful (PQGTL) is offering coverage to more than 1,000 corporate members comprising of Textile, Pharma, Hospital, Various Industrial risk, Banks and Modarbas and over 1,800 individual Takaful members. PQGTL major segments include: Fire and Allied Perils, Marine (Inland, Import and Export), Engineering, Motor, Cash in Safe, Cash in Transit, Financial Lines & Travel.

Pak-Qatar Takaful Group has won many awards including; ‘Best Takaful Company’ Award from FPCCI in 2020, `Brand of the Year’ at the FPCCI Awards in Karachi 2018, `Best Takaful Operator’ by IFN Awards in 2017, `Best Takaful Operator in Pakistan’ award at the 10th International Takaful Summit London 2016 and ‘Best Takaful Company in Pakistan’ for the year 2015 at ‘RTC Islamic Banking & Finance Awards’ ceremony in Islamabad and many more.

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