PQGTL, NBFI & Modaraba Association To Promote Takaful Products

Thursday, October 08, 2015 – Karachi—Pak-Qatar General Takaful Limited (PQGTL) and NBFI & Modaraba Association of Pakistan (NMAP) joined hands for promoting Takaful Products. The MoU signing ceremony took place at a local hotel in Karachi. President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) – Mian Muhammad Adrees appreciated this joint initiative. He further said that; “This is a significant event in the history of both the institutions and this collaboration is a big milestone for the promotion of an Islamic financial system. We hope to see its visible impact on the society soon”.

Mr. Javed Muslim, Chief Executive of Pak-Qatar General Takaful Limited said that the signing of this MoU will develop the mutually beneficial relationship between Takaful Companies and Members of NBFI & Modaraba Association of Pakistan. Muhammad Shoaib Ibrahim, Chairman NBFI & Modaraba Association of Pakistan, highlighted the performance of the Modaraba Sector and hoped that; “With the signing of this MoU, Takaful products in the financial sector would grow faster”. He appreciated the efforts of the Chief Guest – Mian Muhammad Adrees towards the growth of Islamic finance in the country.

Mr. Basheer A. Chowdry while thanking the Chief Guest for devoting his time to this event reminded the participants that first Term Finance Certificates (TFCs) on Musharaka basis were introduced by the Sitara Group which was the beginning of the Islamic financial activities in the Country. The Chairman of Standing Committee of Islamic Banking and Takaful at FPCCI and EVP of Pak-Qatar General Takaful Ltd., Mr. Mehmood Arshad appreciated the initiative of the Association for converting its risk coverage arrangements from conventional Insurance to Takaful. He also said that such measures will help the penetration of Islamic Financial System among the business community of Pakistan. The ceremony was jointly arranged by Pak-Qatar General Takaful Limited and NBFI & Modaraba Association of Pakistan and for providing Takaful coverage to the members of the Association on the basis of Islamic modes.