Pak-Qatar - The First Group to Commence Both Family and General Takaful Business in Pakistan

Pak-Qatar Family Takaful Limited and Pak-Qatar General Takaful Limited have commenced operations. They have also signed their first policies. Pak-Qatar Family Takaful's first policy also has the distinction of being Pakistan's first Family Takaful policy.

Having received their licenses from the Securities and Exchange Commission on the 16th of August 2007 Pak-Qatar Family Takaful Limited and Pak-Qatar General Takaful Limited have commenced Takaful business in Pakistan. This 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.

At the Press Conference, held in Karachi, the CEO’s of both the companies introduced their organizations and their visions for them. The occasion also marked the signing of the first policy for Pak-Qatar General Takaful and Pakistan’s first ever Family Takaful policy issued by Pak-Qatar Family Takaful.

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 and others. 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 to offer 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 existed in the Pakistani market due to unavailability of quality products and services in this field.

For further information please visit the Pak-Qatar website at: www.pakqatar.com.pk

Media Contact:
Name: Azeem Pirani – Head of Marketing
Phone: +92(321)2229336
+92(21)4326102
E-Mail: azeem.pirani@pakqatar.com.pk
Web Site: www.pakqatar.com.pk