Pak-Qatar Family Takaful (PQFTL) has declared a surplus of 53.83 percent of Takaful Donation for its BancaTakaful customers for the year ended December 31, 2011. This was announced by Muhammad Owais Ansari, Board Member PQFTL and Chief Actuary FWU AG.
This is the third year in a row where PQFTL has announced a distribution of surplus on its BancaTakaful products. The percentage distributed for 2010 was 48 percent and so 2011 saw a significant jump in terms of the percentage surplus going back to the participant.
Surplus, an inherent benefit of Takaful, is calculated on the amount available in the Waqf Fund after paying off all claims and meeting all expenses for the year. The Company will share the surplus amount with individual Takaful participants on the basis of their contributions to the Waqf Fund.
"The provision of surplus makes Takaful equitable and financially more viable as compared to the conventional insurance system", Ansair said. "We are the first Takaful Company in Pakistan to declare a surplus on their BancaTakaful product for three consecutive years." He added.
PQFTL has distribution agreements in place for its BancaTakaful product through premier banks such as Standard Chartered Bank, Dubai Islamic Bank, Faysal Bank, Albaraka Bank, Burj Bank, MCB Bank, Bank Islami and Bank Alfalah. PQFTL is the largest provider of BancaTakaful in Pakistan.
FWU Global Takaful Solutions based in the Dubai International Financial Centre (DIFC), is the technical partner in PQFTL's BancaTakaful product and is also one of the strategic shareholders in PQFTL. FWU is the premier facilitator of BancaTakaful products in Saudi Arabia, the UAE, Kuwait, Malaysia and Pakistan.-PR