Pak-Qatar Family Takaful Ltd (PQFTL), Pakistan's first and largest family Takaful operator has signed an agreement with HBL - Islamic Banking to provide Family (life) Takaful coverage to HBL-Islamic Banking Al-Ziarat Account (Hajj and Umrah Savings Plan) holders. The contribution for Life Takaful coverage will be made by HBL.
The agreement was signed by P Ahmed CEO PQFTL and Muhammad Aslam Head of Islamic Banking HBL at HBL Head office.
HBL Al-Ziarat Account is a scheme where the plan holders can save for Hajj and Umrah to undertake the journey at the time of their choice. As an incentive HBL Al-Ziarat Account will have higher weightage than PLS account in addition to free life cover.
In case of death of an account holder, Pak-Qatar Family Takaful Ltd will pay the remaining contribution towards the scheme and the nominee of the plan holder will get lump sum amount to perform Hajj-e-Badal or Umrah in place of the deceased.
HBL will initially offer this product from 19 stand-alone dedicated Islamic Banking Branches and 206 Islamic Banking windows throughout Pakistan. More Islamic Banking branches and Islamic Banking windows will be added in 2011. HBL in consideration of ever increasing high cost of Hajj and Umra has designed this saving plan to suit every pocket. The plan holders will have option to save from 6 months to 20 years.
PQFTL has registered tremendous growth despite economic recession, which speaks highly about the acceptance of Takaful by the masses. PQFTL, sponsored by some of the leading financial institutions from the State of Qatar, is part of Pak-Qatar Takaful Group, which offers innovative and need-based Takaful solutions to individuals and corporations. The company began its operations in 2007.-PR