Jubilee Life Insurance Company Limited was incorporated in Pakistan on June 29, 1995 as a Public Limited Company under the Companies Ordinance, 1984. The Company started its business on June 20, 1996. The Company is engaged in life insurance, carrying on non-participating business. In accordance with the requirements of the Insurance Ordinance, 2000, the Company has established a Shareholders’ fund and following statutory funds in respect of each class of its life insurance business:
– Individual Life Unit Linked
– Conventional Business
– Accident and Health
– Overseas Group Life and Health Business
– Window Takaful Operations
Jubilee Life commenced its Window Takaful Operations from July 07, 2015 (19th of Ramazan 1436 Hijri). The purpose was to provide Shariah-complaint takaful products to our brethren for overcoming uncertain situations in life.
All business operations and products of Jubilee Family Takaful are approved and supervised by its independent Shariah Advisor. An in-house Shariah Compliance Department supervises the implementation of promulgated Shariah Rulings & Guidelines pertaining to different operational and investment related issues. An external Shariah Audit further certifies Shariah Compliance of Jubilee Window Takaful Operations.
Sources in the Company told PAGE that Shariah Compliant Funds comprise of investments in Shariah compliant instruments such as Islamic Equities, Sukuk, Islamic Term Certificates, Islamic Mutual Funds, placement with Islamic Banking Institutions (IBIs) etc. In this regard, the Company has established the Capital Growth Takaful Fund and Managed Takaful Fund.
The Company has enhanced its position in the market as the best insurance service provider in the country. “We have also made our utmost efforts for the growth of the industry as a whole. This has been our business philosophy since inception and we are proud to have sustained it immaculately,” the sources said, adding: “Initiatives in the Company hinge on its vision of enabling people to overcome uncertainty. May it be value of customers’ money in terms of financial security and investment returns, or superior customer services, we endeavor to be the best.”
Jubilee Life Insurance has successfully become the first Window Takaful Operator achieving the milestone of one billion rupees contribution within a record time.
Speaking about this achievement, Javed Ahmed, CEO and MD, Jubilee Life Insurance said, “SECP’s decision of starting Takaful window operations was excellent for the industry as it has helped us increase the consumer base. Although, the percentage of people not opting for traditional insurance due to religion was always fairly low. Today, we stand even more determined to excel and with our focused strategy covering all growth areas resulting in continued success for the organization.”
The Company has been performing well and is leading the insurance industry with a growth rate of 41 percent in topline and 70 percent in bottomline. Jubilee Life pioneered in establishing the bancassurance channel of distribution and excelled it. The same channel was used for Window Takaful Operations as well to reach out to the masses and enhance penetration. This achievement reaffirms Jubilee Life’s position as the market leader and the most consumer friendly insurance and now takaful service provider.
Jubilee Insurance is a global brand of Aga Khan Fund for Economic Development (AKFED) that offers diverse insurance solutions (life, health and general) in the Asian and East African markets. Jubilee Life in Pakistan offers uniquely designed range of life and health insurance/takaful plans, catering to various customer segments and needs. These include retirement, child education, marriage, saving & protection, wealth accumulation, life insurance/family takaful plans for women, rural insurance/takaful plans and life and health insurance/takaful solutions for the less privileged of our country.