The first MoU of Pak-Kuwait Takaful Company Limited (PKTCL) was signed on December 6, 2005 with Meezan Bank Limited. The signing of this MoU has ushered Pakistan into a new era of Islamic Insurance (Takaful).
The occasion was attended by Aminuddin Md Desa, President and Chief Executive Officer, Takaful Nasional of Malaysia, Istaqbal Mehdi, Managing Director, Pak-Kuwait, Irfan Siddiqui, President, Meezan Bank Limited and senior management of Pak-Kuwait Takaful Company Limited.
Pak-Kuwait Takaful Company Limited (PKTCL) is the first Shariah-compliant Takaful Company in Pakistan formed through international collaboration between leading financial institutions from Pakistan, Kuwait, Malaysia, Saudi Arabia and Sri Lanka. With an initial paid up capital of Rs 250 million (authorised capital Rs 500 million) and the financial strength and support of its equity partners, PKTCL is poised to initiate operations.
The main sponsor of PKTCL is Pak-Kuwait Investment Company (Pvt) Limited (Pak-Kuwait), a joint venture between the Governments of Pakistan and Kuwait. Pak-Kuwait has made significant effort to promote Islamic mode of financing in the country and made concerted effort to move towards offering financing facilities by introducing Shariah compliant instruments along with conventional financing products.
Pak-Kuwait sponsored Al-Meezan Investment Bank Ltd in 1997 to conduct investment banking on the basis of Shariah. In 2001 it received license to establish Meezan Bank Ltd; first scheduled Islamic Commercial Bank of Pakistan. It has successfully established an Asset Management Company Al-Meezan Investment Management Company Ltd, which has floated three funds: Al-Meezan Mutual Fund, Meezan Islamic Fund and Meezan Balanced Fund.
Pak-Kuwait remains committed to introduce Shariah Compliant and commercially viable Financial Instruments as well as business concerns that is in line with the vision of Pak-Kuwait "To be the Financial House of Excellence"-PR
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