INTERVIEW: PERVAIZ AHMED CEO PAK QATAR FAMILY TAKAFUL
Insurance industry booming with the economy in Pakistan, health Takaful from November 2007
Sep 24 - 30, 2007
Pervaiz Ahmed, CEO Pak-Qatar Family Takaful, carries an extensive exposure and wide experience to his professional credit in the field of Insurance.
Pervaiz, an MBA & Fellow of Life Management Institute, has worked on various senior positions in Life insurance Operations, Sales and Marketing in leading insurance organizations including State Life Insurance Corporation, American International Group (AIG), Commercial Union, and New Jubilee Life Insurance. He has also worked as a management consultant in Pakistan and the Middle East.
Its Shariah Board approves all the operations and products of Pak-Qatar Family Takaful. The following eminent and renowned scholars are on our Shariah Supervisory Board:
- Mufti Muhammad Taqi Usmani is the Chairman
- Mufti Muhammad Zubair Usmani is a member
- Dr. Ismatullah is the Shariah Advisor
In an interview with PAGE, Pervaiz said that at present there is a boom like situation in insurance sector especially general insurance as the mandatory requirement for insurance such as automobile industry and other such economic segments where insurance has become a must. However as far as life insurance concerned it was almost a neglected area in Pakistan. So far, the State Life Insurance Corporation enjoyed a monopoly in life insurance for almost five decades, but the public sector failed to develop or create awareness about the importance of life insurance in our society. The economic constraints were another reasons for unimpressive performance of the life insurance in Pakistan. However, this industry is taking a new shape with the rapid economic growth in Pakistan. Besides the general insurance, the life insurance is taking new directions for doing business with a purpose, Pervaiz remarked. He agreed that Health and Education are the two most important areas for socio-economic development of any society. He said that Pak-Qatar Family Takaful would be focusing on its business as well as the aspect of social development of the society. He was of the view that Pak Qatar Family Takaful will be introducing Shariah compliant products in near future to address the basic issues of health and education besides other products.
Elaborating the newly introduced PAK-QATAR Family Takaful Limited in Pakistan, Pervaiz said it is a dedicated Takaful operator pioneering in Family and Health Takaful products and services in Pakistan. Takaful, the Islamic way of Insurance can greatly help addressing the health issues because Takaful is free from exploitation rather moves in with a spirit of developing a help out culture in the society. Being the first to enter in this arena, we are committed to develop comprehensive Takaful products catering to the diverse financial protection needs of the people of Pakistan.
Pak-Qatar Family Takaful Limited has recently commenced Family Takaful business in Pakistan as the SECP had issued the licence in the middle of August and we are now in the initial stage of our business plans.
However, Pak-Qatar Family Takaful is the first ever-Family Takaful operator in Pakistan.
Pervaiz said that Pak-Qatar Family Takaful will be offering products providing financial protection and long term savings such as death/disability Takaful, health Takaful, Education Plans, retirement income plans and other savings schemes. It is run by a strong and professional management team which is keen to make Takaful a successful concept in Pakistan.
The first policy issued by Pak-Qatar Family Takaful was issued to Sidat Hyder Morshed Associates (SHMA). SHMA is a management consulting, technology services and outsourcing practice established and operating since 1986. Their core specialty areas include: actuarial & insurance consulting, human resources consulting, Business Systems Consulting, information solutions & services. SHMA was represented by one of their directors, and resident actuary, Mr. Abdur Rahim Abdul Wahab.
Pak-Qatar Family Takaful Limited, working together with its sister concern, Pak-Qatar General Takaful Limited, will be able to offer Family and General Takaful under one umbrella
In fact, the company was incorporated in late 2006 and received licence from the Securities and Exchange Commission on the 16th of August 2007. Being a new entity we are presently focussing on our Group Family Takaful product said Pervaiz. By November 2007 we will begin issuing policies for Health Takaful and Individual policies will start in early 2008.
Backed by significant paid up capital and a strong group of shareholders of international repute, this new corporate entity is like to carve a respectable place in the economy of Pakistan
Qatar Islamic Insurance Company (QIIC) (www.qiic.net.qa), the pioneer of Islamic Insurance in Qatar, is one of the fastest growing insurance companies in the state of Qatar.
Qatar International Islamic Bank (QIIB) (www.qiib.com.qa) is one of the most successful banks in the State of Qatar.
Qatar Islamic Bank (QIB) (www.qib.com.qa) is the pioneer of Islamic Banking in Qatar and it presently stands amongst the top five Islamic Banks in the world. Qatar National Bank (QNB) (www.qnb.com.qa) One of the largest banks in Qatar with the largest share of the banking sector. It has a strong presence in all parts of the financial sector.
The Amwal Group (www.amwal.com.qa) is Qatar's leading investment banking, asset management and wealth management firm.
Three sponsor banks together have a combined shareholder equity of over Qatari Riyals 14 billion (US$ 3.8 billion) and total assets of over Qatari Riyals 95 billion (US$ 26.12 billion).
We have made our Re-takaful arrangements with world renowned re-takaful providers. This allows us to enjoy the expertise of some of the strongest companies on the globe.