TEXT: Pak-Qatar Group (PQG) – The Group remains the pioneer in dedicated Takaful solutions in Pakistan and comprises of Shariah-compliant ventures like; Pak-Qatar Family Takaful Limited (PQFTL), Pak-Qatar General Takaful Limited (PQGTL), Pak-Qatar Asset Management Company Limited (PQAMC). These ventures are driven by Digitalization and a service-culture, to achieve the fastest growth and high credibility, by providing innovative solutions.
Alhamdulillah! Our resolute efforts over the past decade as the pioneer and flag-bearer of Takaful have undoubtedly been rewarded by Allah (SWT) and by the people of Pakistan with the continuous strong & unwavering support from the shareholders representing the State of Qatar. Pak-Qatar Group recently also commenced its Shariah Compliant asset management solution through the launch of Pak-Qatar Asset Management Company Limited (PQAMC) with a vision to be the most progressive Fund Manager providing investment solutions to everyone tailored for their needs. PQAMC aims to promote saving culture in masses by providing sharia compliant solutions. PQAMC is sponsored by PQFTL, Pak-Qatar Investment Limited (PQIL), and FWU AG, Munich. The Group has been operating in Pakistan since 2007 and has a rich and diverse experience of more than 15 years in providing protection and investment solutions through Takaful and Asset Management. PQFTL is the first company in Takaful Industry offering retirement product in the form of Voluntary Pension Scheme.
Nearly fifteen (15) years ago, the Group was formed to provide financial solutions to the people at large and has the historic privilege and honor of being the pioneers of the Takaful industry by launching Pak-Qatar Family Takaful Limited (PQFTL) and Pak-Qatar General Takaful Limited (PQGTL). With a vision of “Providing financial protection 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.
Takaful serves as Shariah compliant alternative to insurance. Therefore, all Pak-Qatar Takaful products are duly certified with Fatwas (Islamic Pronouncement) issued by an independent Shariah Advisory Board comprising the world-renowned Shariah Scholars panel and chaired by Mufti Muhammad Hassaan Kaleem. Mufti Taqi Usmani was the founding Chairman of the PQTG Shariah Advisory Board since its inception and named Mufti Hassaan Kaleem as his successor in 2019. Pak Qatar Takaful entities were the first to establish a dedicated in-house Shariah department with a team of scholars and experts providing round-the-clock support in all spheres related to Shariah learning, research, and compliance.
The Group’s shareholders include some of the strongest financial institutions in the State of Qatar, including; Qatar Islamic Insurance Company (QIIC) and Qatar International Islamic Bank (QIIB). Further, our shareholders also include FWU AG (Germany), a leading financial services company based in Munich, Germany.
The Group is chaired by His Excellency, Sheikh Ali bin Abdullah Thani J. AI-Thani (a member of Qatar’s Royal family). Other prominent members of the Board of Directors and shareholders from Qatar in the Group include; Abdul Basit Ahmed Al-Shaibei (CEO of Qatar International Islamic Bank), Ali Ibrahim Al Abdul Ghani (CEO of Qatar Islamic Insurance Company), Said Gul and Zahid Hussain Awan, Owais Ansari, Muhammad Kamran Saleem, to name a few.
The Insurer Financial Rating (IFS) remains robust, whereby PQFTL is rated “A++” (with Stable Outlook) by VIS Credit Rating Co. Ltd. and Pakistan Credit Rating Agency (PACRA) while PQGTL is rated “A+” (with Stable Outlook) by PACRA.
Pak Qatar Takaful has the largest Takaful branch network in Pakistan, boasting over 160 branches in more than 125+ cities nationwide. In addition to our physical presence of branch locations across Pakistan, we also deliver 24/7 Alternate Distribution Channels (ADCs) accessibility through all digital media, Online Payments and E-Commerce web portals, pioneering Mobile-Applications, and other smart electronic touch-points.
PQFTL is strengthened by Re-Takaful arrangements with Munich-Re and Hannover-Re. PQGTL is backed by Kuwait Re, Tunis Re, Kenya Re, Saudi Re, and Arab Re. They have managed their risks by working with the Takaful windows of all these prominent reinsurers.
PQFTL enjoys a strategic Banca-Takaful alliance with FWU AG (Germany), for the distribution and instant issuance of Takaful policies at partner bank branches across Pakistan.
Pak-Qatar General Takaful (PQGTL) is offering coverage to corporate members comprising of Textile, Pharma, Hospital, Various Industrial risk, Banks and Modarbas, and individual Takaful members. PQGTL’s major segments include Fire and Allied Perils, Marine (Inland, Import and Export), Engineering, Motor, Cash in Safe, Cash in Transit, Financial Lines & Travel.
The main asset of the group, is its human talent. Pak-Qatar Group takes pride in having the best industry practitioners in the world working with dedication. The Group is also considered among the best employers in Pakistan with a workforce spread all over Pakistan. The highly competitive compensation & benefits combined with the opportunity for extensive training & development continuously from fresh graduates to highly trained professionals are commensurate with performance excellence.
Pak-Qatar Takaful has won many international awards including the ‘Best Takaful Company’ Award from FPCCI in 2020, `Best Takaful Company’ by Global Islamic Finance Awards in London 20I9,`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.
Copyright Business Recorder, 2022
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