This was announced by the Chief Executive Officer of PQFTL, P Ahmed here on Monday.

He said that the surplus, an inherent benefit of Takaful, is calculated on the amount available in the Waqf Fund after paying off all claims and meeting all expenses for the year.

The company will share the surplus amount with Individual Takaful participants on the basis of their contributions to the Waqf Fund.

`The provision of surplus makes Takaful equitable and financially more viable as compared to the conventional insurance system. We are the first Takaful company in Pakistan to declare a surplus on their BancaTakaful product', Ahmed said.

PQFTL has distribution agreements in place for its BancaTakaful products through premier banks such as Standard Chartered Bank, Dubai Islamic Bank, Albaraka Bank, Dawood Islamic Bank, MCB Bank, Faysal Bank and Bank Alfalah. PQFTL is the largest provider of BancaTakaful in Pakistan.

FWU Global Takaful Solutions based in the Dubai International Financial Centre (DIFC), is the technical partner in PQFTL's BancaTakaful product and is also one of the strategic shareholders in PQFTL. FWU is the premier facilitator of BancaTakaful products in Saudi Arabia, the UAE, Kuwait, Malaysia and Pakistan.

Copyright APP (Associated Press of Pakistan), 2011