KARACHI: Pak-Qatar Family Takaful and Instaful Solutions have entered into a strategic partnership to introduce Inclusive Banca Takaful, a first-of-its-kind initiative in the country.
Banca Takaful, an innovative distribution model, involves offering Takaful products to bank customers, primarily to depositors. Unlike traditional Banca Takaful which typically targets a subgroup of wealthier individuals with higher deposit amounts, this new initiative aims to address the needs of the majority, middle- or low-net-worth individuals, comprising 60-70 percent of total bank depositors. These customers are exposed to host of savings, investment and protection needs which largely remain unserved under current model.
Recognizing the changing landscape influenced by enhanced digitalization, Pak-Qatar Family Takaful and Instaful believe that leveraging technology is key to scaling Takaful products beyond a limited niche to a mass clientele.
The concept of Inclusive Banca Takaful is in essence Digital Banca Takaful and revolves around offering a range of innovative products and solutions to the currently ignored middle segment of banks through the use of technology.
To commemorate the signing of this transformative partnership, a ceremony took place at the Pak-Qatar Family Takaful headquarters in Karachi and was attended by senior leadership from both organizations.
Speaking at the occasion, Azeem Pirani, CEO of Pak-Qatar Family Takaful, expressed enthusiasm about this collaboration, stating, “Our partnership with Instaful aligns with our commitment to delivering innovative, customer-centric solutions. Through this collaboration, we aim to redefine the Takaful landscape, making it more accessible, convenient, and transparent for our valued customers.” Also present at the occasion was Farhan Shaukat (CEO – Pak-Qatar Asset Management) and Zeeshan Haider (Head of ADC) from Pak-Qatar Family Takaful
Rehan Butt, Founder & CEO of Instaful Solutions, expressed his excitement, saying: “Pakistani Takaful market must shift its focus beyond a small niche and adopt market-creating strategies to support the SECP’s Journey to for financial inclusion in Pakistan. We are thrilled to join hands with Pak-Qatar Family Takaful in this exciting journey to introduce Inclusive and Digital Banca Takaful products meeting the needs of ordinary Pakistanis.”
Copyright Business Recorder, 2023