5PFT announces initiative to make Hajj, Umrah affordable

KARACHI: 5th Pillar Family Takaful Limited (5PFTL), a pioneering force in the Takaful sector with a vision to empower financially-challenged Muslims, announced a groundbreaking initiative to facilitate the sacred journey of Hajj and Umrah. Backed by Kuwaiti investment, 5PFTL is committed to making the dream of performing Hajj and Umrah easy for millions of Muslims, starting with Pakistan and expanding globally.

In a significant development towards realizing this vision, the Kuwaiti Board of Directors of 5th Pillar Family Takaful Limited, along with their Pakistani directors, convened in Karachi for their annual visit. They were received by members of the media who engaged in an insightful discussion aimed at learning about the operations and credentials of the Kuwaiti-Pakistani alliance.

It was shared that the Takaful sector in Pakistan is witnessing a landmark development with 5th Pillar becoming the largest Foreign Direct Investment (FDI) and boasting the largest initial paid-up capital of PKR 2 billion in the industry’s history. The company has also obtained the highest initial credit rating, “A+ Stable Outlook,” from Pakistan Credit Rating Agency.

Moreover, 5th Pillar Family Takaful Ltd has created a transparent system free from hidden charges and Riba, providing a safe and reliable environment for those aspiring to perform Hajj and Umrah. The company's structured savings model aims to empower its target audience by enhancing their financial capacity and providing an entire eco-system for prospective travelers.

Speaking to the media, the Kuwaiti Chairperson of 5PFTL, Saleh Naser Al-Selmi said, “5PFTL recognizes the deep-seated desire of Muslims to perform Hajj and aims to be a ray of hope for those in financially-challenged income groups. The company seeks to reignite the belief that, with the right intention and actions, reaching the Holy lands of Makkah and Madina is not only possible, but affordable. To this end, we trust our partners in Pakistan, who are thorough professionals, to help our brothers and sisters in performing Hajj and Umrah by offering high-quality services. This is the beginning of a great relationship between our two countries, and I am confident that it will be fruitful for everyone involved, especially the end consumer.”

Speaking about the customer journey as a one-stop solution, the CEO of 5th Pillar Family Takaful Ltd, Nasar us Samad Qureshi, said, “We create and ensure connected experiences starting from a Takaful plan in Pakistan to transportation and accommodations in Saudi Arabia's holy cities, all guided by Shariah-compliant principles of Takaful. We aim to be a facilitating companion on the journey of our customers from the moment they start saving with us till the moment they perform their Hajj or Umrah, and return home safely, assisting them every step of the way to make Hajj and Umrah an achievable goal for them.”

With roots in Kuwait, 5th Pillar Family Takaful Ltd is set to establish similar operations in countries with large Muslim populations, including Bangladesh, Indonesia, Turkey, Egypt, and beyond. The company aims to create a global, sustainable services model that makes Hajj more affordable and attainable for millions around the world.

Copyright Business Recorder, 2023