General Manager
Takaful Pakistan Limited

Jan 01 - 14, 2007

Takaful Pakistan Limited will be one of the first properly managed and professionally-manned Islamic insurance companies in Pakistan. With an initial paid up capital of Rs.300 million and an authorized capital of Rs. 500 million as well as the credibility, financial strength and backing of our equity partners, our team of highly qualified and experienced professionals, supervised by a distinguished Shariah Advisory Board of international repute (under the patronage of Justice (Ret.d.) Taqi Usmani), will be adopting a proactive approach to quickly fill the vacuum left by the sole existing Takaful operator, to introduce Shariah-compliant Takaful products for the benefit of all Muslims living in Pakistan.


The potential for growth in Takaful is enormous. Total Takaful contributions volume (premiums) in 2004 stood at around U.S. $ 3 billion. Given the phenomenal growth of Takaful, particularly in Malaysia and the Middle East, it is expected that a global estimate of U.S$ 12.5 billion would be reached by the year 2015. Presently, there are some 80 plus Takaful Insurance companies operating globally, including some non-Muslim countries like New Zealand and Sri Lanka.


Launching Takaful insurance in Pakistan is greatly needed and much awaited as a significant segment of the population desire Shariah-compliance in all their financial dealings. A parallel can be drawn from the immense success of Islamic Banking in Pakistan. It received such an overwhelming response that even foreign banks operating locally opened 'Islamic Window operations' in order not to be left behind. Not only is the competitive rating and the prospect of surplus sharing inherent in the Takaful concept attractive, but a large section of the population that rightly considers conventional insurance as 'un-Islamic' and engage in it only when absolutely necessary, e.g. to comply with statutory or banks' requirement for taking loans, opening L/Cs etc. will feel inclined to take Takaful insurance for peace of mind as well as conscience.

Takaful Pakistan Limited, emerging in this high-demand market, shall be well positioned to assist all such individuals and organizations. Equipped with the repute and financial standing of its local and foreign sponsors, and with strong ReTakaful arrangements firmly in place, our clients will rest assured that we have the strength and ability to pay their claims.

It is therefore against this back-drop that a consortium of reputable local and foreign institutions has been formed for joining hands in this venture.

Today, we have the following confirmed participation in the equity of Takaful Pakistan Limited:


House Building Finance Corporation

30% (Lead Sponsor)

Emirates Investment Group (UAE)

30% (Co-Sponsor)

Emirates Global Islamic Bank (UAE)


Arif Habib Securities


Sitara Group of Industries


The company shall provide all Shariah-compliant general insurance products, namely: Fire, (Property), Engineering, Motor, Marine, Liabilities and Miscellaneous covers. Our rates will be competitive and our client servicing unmatched.


As prudent underwriters it is imperative that we manage our risk following best practices and globally accepted standards. As such we have confirmed reinsurance arrangements in place by way of ReTakaful with highly rated and reputable reinsurance/ReTakaful providers as under:

Arig/Takaful Re


B.E.S.T. Re


Labuan Re


Trust Re


Kuwait Re


In view of the above, whether our clients are individuals, industrialists, corporates, or MNC's, they will feel rest assured that we have the security and the capacity to manage their risks prudently, efficiently, and professionally, all the while conforming strictly to the highest moral and ethical standards as governed by Shariah.