Pak-Qatar Family Takaful Limited and Pak-Qatar General Takaful Limited received their licences from the Securities and Exchange Commission of Pakistan (SECP) on 16th of August, 2007 and have commenced Takaful business in Pakistan.
This has made Pak-Qatar the first group to have both a Family and General Takaful company under one umbrella. This also makes Pak-Qatar Family Takaful the first ever family Takaful operator in Pakistan.
The Pak-Qatar Takaful Group is backed by some of the strongest financial groups in the State of Qatar. These include Qatar Islamic Bank, Qatar National Bank, Qatar International Islamic Bank and Qatar Islamic Insurance Company. The combined assets under management by these institutions are over US $26 billion with shareholders equity of approximately US $4 billion.
The State of Qatar intends to invest over US $2.5 billion in Pakistan in a number of different areas. These include the financial sector, luxury hotels, cement plant, power generation, etc.
Pak-Qatar Takaful companies are the first in a long stream of investments, which are to come. Qatar Islamic Bank, the 5th largest Islamic bank in the world and the largest Islamic Bank in the State of Qatar, will soon launch an Islamic Bank in Pakistan with a paid up capital of US $100 million.
Pak-Qatar General Takaful would offer products such as coverage for property, auto, marine, engineering and other miscellaneous areas. Pak-Qatar Family Takaful will offer products providing financial protection and long term savings such as death/disability Takaful, health Takaful, education plans, retirement income plans and other savings schemes.
Pak-Qatar management is passionate about offering products and services, which are ethical and totally Shariah-compliant and will add value to the lives of people in Pakistan. This would bridge the gap existing in the Pakistani market regarding quality products and services in this field.-PR