Pak-Qatar General Takaful Limited (PQGTL) and NBFI & Modaraba Association of Pakistan (NMAP) have collaborated with each other to promote Takaful products in Pakistan. Chief Executive of Pak-Qatar General Takaful Limited Javed Muslim said here on Friday that the joint initiative is aimed at strengthening relationships among Takaful companies and members of NMAP as well as for nurturing Shariah-compliant modes of financing in Pakistan.
Terming the initiative taken by the country's two leading institutions significant, he said that it will strengthen prevalence of Islamic financial system and Takaful products in the country, besides creating a positive impact on the Pakistani society. The NMAP chairman Muhammad Shoaib Ibrahim stated: "The powerful role and performance of the Modaraba sector, for enabling an economic revolution and a progressive future, can never be undermined."
He hoped that the collaborative efforts would help Takaful products to grow faster in Pakistan's financial sector, saying the FPCCI president Mian Muhammad Adrees was also extending his full support for the fast growth of Islamic financing in the country. The Chairman of FPCCI's Standing Committee on Islamic Banking and Takaful and EVP of Pak-Qatar General Takaful Limited Mehmood Arshad lauded the Association's initiative for converting its risk coverage arrangements from conventional Insurance to Takaful, saying that such measures will help penetrate Islamic financial system among the business community of Pakistan.
This initiative is designed to provide Takaful coverage to the members of the Association on the basis of Islamic modes, he said, adding that other prestigious institutions like Takaful Pakistan Limited and Pak-Kuwait Takaful Limited have also pledged their support for bringing financial revolution in the country.
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