Dubai Islamic Bank launches Bancatakaful

With the introduction of Al-Islami Saving & Takaful Plan, Dubai Islamic Bank Pakistan Limited (DIBPL) has become the first Islamic bank to launch Bancatakaful in Pakistan, maintaining its tradition of being an industry leader. The Al-Islami Saving & Takaful Plan, is a co-branded product with Pak Qatar Family Takaful Limited (PQFTL) and FWU AG.
Speaking at the launching ceremony of this new product, M. A. Mannan, CEO of DIBPL, said the year 2009 was a very blessed year for DIBPL. "For the first time since inception, we have posted a profit before tax of Rs 174 million for the first six months of the year.
We will be opening 12 new branches before the end of the year, bringing our network to 37 branches in 16 cities across the country," he said and added "With the introduction of Al-Islami Saving & Takaful Plan, we are now providing over-the-counter Takaful products at our branches, hence delivering our promise of world class banking - the Islamic way."
Elaborating on the product benefits, Syed Mujtaba Abbas, Head of Consumer Banking DIBPL said, "Al-Islami Saving & Takaful Plan is a unique Shariah compliant saving, investment and protection plan which is the Islamic solution to conventional life insurance. It offers the advantages of a savings plan, along with Halal returns on investments and fulfils the protection needs of customers in line with their religious beliefs."
PQFTL CEO P. Ahmed said, "We are proud to be DIBPL's partners in this venture. PQFTL is the first Takaful company in Pakistan to introduce this customer friendly concept that provides banking customers instant Takaful coverage in a hassle-free manner."
Dr Manfred Dirrheimer, Chairman of FWU AG said, "FWU AG is a Munich based group and is the top Takaful service provider in the world which facilitates distribution of Family Takaful and Unit linked Savings products via a web based Point of Sale system. FWU believes that Pakistan is an excellent market for Bancatakaful, considering its large Muslim population who require Shariah compliant solutions to their insurance needs."
The FWU Group is headquartered in Munich and is a recognised global leader in Takaful expertise, winning six industry awards in the past two years. Its international network includes offices in Karachi, Dubai, Kuala Lampur and Luxembourg.