NBP Aitemaad Islamic Banking, EFU Hemaya strike deal

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KARACHI: A signing ceremony was held between NBP Aitemaad Islamic Banking and EFU Hemaya at NBP head office. The ceremony branded ‘Building Partnership’ was held in the presence of Saeed Ahmad, President & CEO of National Bank of Pakistan, and Taher G. Sachak, MD & CEO of EFU Life Insurance along with other senior officials from both organizations.

Through this arrangement, EFU Hemaya representatives will sell takaful products to NBP Customers through NBP Branches nationwide. Takaful is the Shariah complaint alternate to conventional insurance, where members contribute their money into a pooling system which guarantees all contributors against individual losses and damage.

Speaking at the ceremony, Mr. Taher G.Sachak CEO EFU Life Insurance said “Bancatakaful is the commencement of a new chapter in the Shariah compliant market and a means of strategically penetrating through the industry that has witnessed prodigious growth in Pakistan itself. We are confident that along with NBP Aitemaad, our top quality services would create room for business longevity through the newly established platform of trust.”

Saeed Ahmad, President and CEO of National Bank of Pakistan (NBP), emphasized the importance of Takaful (Shariah Complaint alternate to insurance) in the growth of Islamic Finance industry. He mentioned that we have a long term business relationship with EFU life insurance. He highlighted the main concern of the Insurance industry regarding pressure selling where by insurance sales agents sell products forcefully to customers to meet their targets. He specifically mentioned that such an approach should not be practiced in NBP branches. He further emphasized that this partnership between NBP and EFU will help in building long term relationship with our valued customers. Mr. Saeed Ahmad emphasized up on the importance of NB introducing fee generating business. He stated that this will be successful only when quality of services rendered by our staff exceed the expectation of our clients. He advised the sales team to build long term relationship with customers rather than a single transaction based.

Speaking on the occasion, Head of Islamic Banking Group, Mr. Khawaja Mohammad Aminulazam mentioned that “Bancatakaful arrangement will provide National Bank of Pakistan the opportunity to meet Family Takaful requirements of its customers. He further said that through this partnership, we combine the expertise of one of the leading insurance company with our extensive branch network, to offer our branch customers’ convenient solution to their family takaful needs”. The agreement was signed by Sarfaraz Ahmed Senior Vice President from NBP and Mr. Taher G. Sachak MD & CEO EFU Life Insurance.

National Bank being one of the largest bank of Pakistan is operating with more than 1400 branches across Pakistan. In addition to core banking services the bank is a trustee of public funds. The bank has diversified its business portfolio and provides solutions in the debt equity market, corporate investment banking, retail & consumer banking including agricultural and government collections & payments. NBP aims to evolve a National Payment Eco-System to facilitate the entire population of the country through every possible delivery channel on a 24/7 basis. Under this initiative the bank is already in process to enhance digital outreach through all available digital channels in the banking.

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