TEXT: Salaam Livestock Takaful is an important financial tool for farmers and ranchers in Pakistan, as it provides protection against unexpected losses or damage to their livestock.
One of the main reasons why livestock takaful is needed in Pakistan is due to the country's reliance on agriculture, which is the main source of income and employment for many people. Livestock plays a crucial role in the agricultural sector, and the loss of a farmer's livestock can have serious financial and livelihood consequences.
Salaam Livestock Takaful helps to mitigate these risks by providing financial compensation in the event of unexpected losses or damage to livestock, such as due to natural disasters, disease, or accidents. This helps to ensure that farmers and ranchers have the resources they need to recover and continue to support their families and communities.
In addition, Salaam Livestock Takaful also helps to encourage responsible animal husbandry practices, as it incentivizes farmers to take steps to prevent losses or damage to their livestock. This further helps to improve the overall health and welfare of the country's livestock population, which is vital for the long-term sustainability of the agricultural sector.
Salaam Livestock Takaful recently became the first takaful operator to successfully map more than 1600 farms consisting of 200,000+ animals. We have always believed in the philosophy of understanding the problems at the grass-root level to introduce tailor-made products, especially for people who are the nucleus of the ecosystem yet are deprived of necessary financial solutions. These are the small steps that we have been taking towards our ambition of creating cutting-edge technology-backed products, and help farmers achieve that level of efficiency for a win-win situation for all.
Copyright Business Recorder, 2023