Islamabad:: Pak-Qatar General Takaful Limited (PQGTL) has joined hands with the ‘NBFI & Modaraba Association of Pakistan’ (NBFIMAP) to launch a powerful programme for promoting Shariah-Compliant Takaful Products all over the country.
Javed Muslim, Chief Executive Pak Qatar Takaful Limited addressed the participants and said that the signing of this MoU will help develop mutually beneficial relationships between Takaful Companies and Members of NBFI & Modaraba Association of Pakistan.
President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) – Mian Muhammad Adrees appreciated this joint initiative. He was speaking at the MoU signing ceremony, held on 30th September, at a local hotel in Karachi.
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”.
The ceremony was arranged jointly by NBFIMAP and PQGTL to provide Takaful coverage, on the basis of Islamic modes of financing, to the members of the Association. The MoU was signed by the Chairman of NBFIMAP – Mr. Muhammad Shoaib Ibrahim and the Chief Executive Officer of PQGTL – Mr. Javed Muslim.
The ceremony was largely attended by the Chief Executives and senior officials of NBFI & Modaraba Sectors and PQGTL. The CEO of Takaful Pakistan Ltd. – Dr. Syed Arif Hussain and senior officials of Pak Kuwait Takaful company Limited also attended the ceremony.
Mr. 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 contribution of the Chief Guest – Mian Muhammad Adrees towards the growth of Islamic finance in the country. He urged that Mian Saheb should also explore the possibility of establishing a Modaraba, under the Sitara Group of Companies.
The Chairman of Standing Committee of Islamic Banking and Takaful at FPCCI and EVP of PQGTL – Mr. Mehmood Arshad highly appreciated the initiative of the Association to convert its risk coverage arrangements to Takaful from conventional insurance. He also said that; Such measures will help the penetration of Islamic Financial System among the business community of Pakistan.
Basheer A. Chowdhry reminded the participants that; “The First Term Finance Certificates (TFCs) on Musharaka basis were introduced by the Sitara Group, to begin the Islamic financial activities in the Country.
A Shield and souvenir was also presented to the chief guest.