Karachi—Pak-Qatar Family Takaful Limited (PQFTL) in collaboration with the ‘Center for Excellence in Islamic Finance’ (CEIF) at the ‘Institute of Business Administration’ (IBA), Karachi, has planned to conduct an Executive Learning Program, titled: ‘Understanding Takaful’ (The Islamic mode of Insurance). This insightful program was held recently at the IBA City Campus, to provide academic awareness and practical knowledge to the professionals and students, who have an interest in the high-potential Takaful industry. Through this course, the participants were able to gain a clear understanding of Takaful as a business model and the Shariah guidelines that govern this Islamic financial service. The course elaborated upon the intricate differences between ‘Conventional-Insurance’ and Takaful. The course was enriched with case-studies and practical examples.
The primary objective of this training program was to build a solid foundation and knowledge-base of Takaful. It was primarily focused at the; Takaful Window Staff, Takaful Professionals, Entrepreneurs, Academicians, Finance Managers, Students of ‘Islamic Finance’, Human Resources Managers, Consultants and other stake-holders of this industry. The Chief Executive Officer of PQFTL Nasir Ali Syed stated that it was a delightful occasion for Pak-Qatar Takaful Ltd. to partner with the most prestigious institution in the country, to create awareness about the fast-growing Takaful model. Pak Qatar is committed to nurture highly competitive and knowledgeable managers for accelerating the future growth of this robust industry. We appreciate the deep commitment and immense contributions of IBA-Karachi, for providing world-class training and research-based knowledge for the professionals in the financial and business sectors of Pakistan.
The Head of Marketing at Pak-Qatar Takaful Nameer Khan said, “we believe in the importance of creating alliances with the academia, as it is the bridge between the industry, professionals and the youth, who are the pillars of the economy. This collaboration with a prestigious institution is a great milestone for Pak-Qatar Takaful, and is in line with our company’s long-term strategy. We plan to continue with such enlightening sessions in future too.” The learning outcomes gained from this academic endeavor included; An understanding of the basic principles of Riba, Qimar and Gharar. Deeper learning about Takaful Concepts and Practices as implemented in Life and General Takaful. The participants also got an opportunity to assess the insurance model and compare it with Takaful models prevalent in the local as well as global markets.
The course delivered valuable insights on the Shariah perspective on ‘Risk’, while explaining the Shariah Guidelines for Investments, Surplus distribution, Charity Fund, etc. The learners were also able to get comprehensive answers to the Frequently Asked Questions in Takaful. Another session on this subject will be organized soon. Pak-Qatar Family Takaful Limited, the pioneers of Family Takaful, is a progressive and a technology-driven Shariah Compliant company providing innovative Takaful solutions in Pakistan. The company is the fastest growing Family Takaful operator in the region. Incorporated in 2006, and beginning operations in 2007, the company is registered with, and supervised by, the Securities and Exchange Commission of Pakistan (SECP).
An independent Shariah Advisory Board chaired by Mufti Muhammad Taqi Usmani certifies all products and operations for Shariah compliance. The company’s vision of providing financial protection through Takaful to everyone is supported by some of the strongest financial institutions in the state of Qatar such as Qatar Islamic Insurance Company (QIIC), Qatar International Islamic Bank (QIIB) and Munich-based FWU AG. Pak-Qatar is the first dedicated Takaful Group in Pakistan starting with both Family and General Takaful operations. The paid-up capital of Pak-Qatar Family is in excess of Rs. 700 million. The company is further strengthened by its Re-Takaful arrangements with Munich-Re, Hannover Re and Takaful–Re. The company has strategic BancaTakaful alliance with leading financial institutions.