IBA Centre for Excellence in Islamic Finance signs MoU with
Pak-Qatar Family & General Takaful Limited
Lahore: 25th May, 2016 – IBA’s Centre for Excellence in Islamic Finance (CEIF) signed a Memorandum of Understanding (MoU) with Pak-Qatar Family and General Takaful Limited, on Wednesday, the 18th of May,
2016 at IBA City Campus. The signatories of the MoU, Mr. Ahmed Ali Siddiqui, Director CEIF and Mr. Nasir Ali Syed, CEO PQFTL agreed to mutually cooperate to enhance the objective of research, development and trainings in the field of Islamic Finance and Takaful – the fast-growing, Islamic mode of Insurance. Dr. Ishrat Husain, Chairman CEIF and Mr. Said Gul, Managing Director, PQFTL were also present along with Mr. Zahid Awan – Director, Pak-Qatar Takaful Group. The two Institutions through the MoU agreed to jointly collaborate on training and research initiatives. Pak-Qatar Takaful Group also announced scholarship for students who would enroll in MS Program in Islamic Finance (to be launched by IBA soon).
This collaboration will foster professional excellence and help in gaining a deeper understanding of Takaful as a business model and the Shariah guidelines that govern this Islamic financial service. The objective of this MoU is to build a solid foundation and knowledge-base of Takaful, among the Takaful Professionals, Entrepreneurs, Academicians, Finance Managers, Students, Consultants and other stake-holders of this industry. Dr. Ishrat Husain said, “The convergence of professional and academic experts will enrich global best practices in this growing field.”
The Managing Director of Pak-Qatar Takaful Group – Mr. Said Gul stated that; “It is a delightful moment for the Group to partner with the most prestigious institution in the country, as we pursue a long-term strategy to nurture highly competitive and knowledgeable managers for accelerating the future growth of the Takaful industry.
The Head of Marketing & Corporate Communications at Pak-Qatar Family Takaful – Mr. Nameer Khan said that; “It is a major breakthrough for Pak-Qatar Takaful Group and IBA to consolidate our professional synergies, and work cohesively to nurture a more specialized and resourceful workforce for the future. The fresh insights will help the society make better choices with Shariah Guidelines on Investments, Surplus distribution, Charity Funds, etc
About Pak-Qatar Family Takaful Limited
Pak-Qatar Family Takaful Limited, the pioneers of Family Takaful, is a progressive and a technology-driven Shariah Compliant company providing innovative Takaful solutions in Pakistan. The company is the fastest growing Family Takaful operator in the region. Incorporated in 2006, and beginning operations in 2007, the company is registered with, and supervised by, the Securities and Exchange Commission of Pakistan (SECP). An independent Shariah Advisory Board chaired by Mufti Muhammad TaqiUsmani certifies all products and operations for Shariah compliance. The company’s vision of providing financial protection through Takaful to everyone is supported by some of the strongest financial institutions in the state of Qatar such as Qatar Islamic Insurance Company (QIIC), Qatar International Islamic Bank (QIIB) and Munich-based FWU AG. Pak-Qatar is the first dedicated Takaful Group in Pakistan starting with both Family and General Takaful operations. The paid-up capital of Pak-Qatar Family is in excess of Rs. 700 million.The company is further strengthened by its Re-Takaful arrangements with Munich-Re, Hannover Re and Takaful–Re. The company has strategic BancaTakaful alliance with leading financial institutions.