BankIslami, Pakistan's fastest growing Islamic bank, has signed a strategic co-operation agreement with Pak-Qatar Family Takaful Limited (PQFTL) and FWU AG. Hasan Aziz Bilgrami, CEO BankIslami, emphasised that the agreement will lay the foundation for BankIslami to launch Pakistan's first Shariah compliant Bancassurance (BancaTakaful) products across its rapidly growing branch network.
According to a press release issued here on Monday, these products will provide families with long-term savings and protection plans specifically catered to fulfil their future needs such as marriage and higher education for children, and financial independence and security after retirement.
BankIslami is Pakistan's fastest growing dedicated Islamic bank. Along with its target to be at over 100 branches by the end of 2008, it also has a rapidly growing Shariah compliant product menu which is certified by a distinguished Shariah Supervisory Board headed by former justice Mufti Muhammad Taqi Usmani. "Providing a one-stop-shop for all your Shariah compliant financial needs is our vision and this is an important step towards realising it," Hasan explained.
Pak-Qatar Family Takaful, the pioneers of Family Takaful in Pakistan, is sponsored by some of the strongest financial institutions in the State of Qatar. The company is offering need based Takaful products and rapidly expanding its distribution network across the country. "This is a step forward towards realising our vision of providing financial protection to everyone, through Takaful," said P. Ahmed, CEO of PQFTL, in the signing ceremony on Monday.-PR