INSURANCE ASSUMING A ROLE FOR SOCIAL WELFARE: TAKING A NEW SHAPE IN PAKISTAN
June 25 - July 01, 2007
A healthy competition was easily noticeable in the field of insurance business for both life and general categories, especially in the wake of the arrival of international players in this field indicating some positive happening in the areas so far neglected in Pakistan.
Actually, a huge segment of the population living below poverty line was suffering due to a lack of any social welfare concept for the poor in our society. However, a number of insurance companies have started looking towards that segment of population for providing them a cover on life, health, education, marriage, and their small investment by offering micro-insurance facility with the support of the international donor agencies as well as the government which is certainly a positive sign as a step towards the concept of a welfare state.
In this respect an agreement was signed between Pak Oman Micro finance Bank and ALICO-AIG Life recently to provide credit protection facility to Pak Oman borrowers. The objective of the partnership between the two organizations is to ease and protect the obligations of Pak Oman Micro finance customers in case of an unfortunate event.
The signing was commemorated at a ceremony held at the new ALICO-AIG Life offices in Karachi by President & CEO, Pak Oman Micro finance Bank Ozair A Hanafi and Chairman & CEO, ALICO-AIG Arif S. Mufti.
Speaking on the occasion, Hanafi highlighted the importance of providing adequate protection to borrowers/customers of the bank. The synergy between the two leading companies will serve the consumers in this under served segment at a micro level offering valued banking and bank assurance products through one window.
Mufti reiterated the need for credit protection for people desirous of acquiring loans and other products offered by the Pat Onus Micro finance Bank. ALICO-AIG Life has a rich history of providing quality Insurance and Life services to customers in Pakistan and partnership in this endeavor will serve not only the business objectives of the two organizations but create value-addition to the people in the underprivileged segment of society including the rural population of Pakistan.
Pak Oman Microfinance bask was established in May 2006 with primary objective of facilitating and empowering the poor segment of the population to improve their lives. The bank in a short time has embarked on an ambitious outreach program designed specifically to meet the challenging needs of rural population and to work towards poverty alleviation in Pakistan.
Jointly owned by Sultanate of Oman (67%) and Pak Oman Investment Company (33%) the core focus of the bank is to provide small loans with a term ranging from 3-12 months in the following segments: Micro Business loans, Micro Agro Loans, Livestock Loans and Micro asset Loans.
American Life Insurance Company (Pak) Ltd is a member company of American†international Group (AIG). AIG is a world Leader in Insurance & Financial services with operations in 130 countries and a strong multicultural work force of 106,000. AIG Life companies provide valuable protection particularly to micro credit sector in several countries globally, including the emerging markets.
UBL FUND MANAGERS' FREE INVESTMENT ADVISORY SERVICE OPERATIONAL THROUGHOUT PAKISTAN
UBL Fund Managers Ltd. a wholly owned subsidiary of United Bank Limited have initiated their new free investment advisory service, which will be operational throughout Pakistan. Through this initiative, UBL FM has become the one of the first Asset Management Company to impart advice and knowledge about mutual funds and other investment opportunities to people free of cost.
While saving and investing, every person has different needs depending on the age, income brackets, demographics, liquidity options, sex, risk appetite, religion, etc. and lack knowledge about how to fulfill these needs while saving. To help such people UBL Fund Managers, have dedicated expert consultants at their Investment Centers across the country, who will facilitate people with their free investment advisory services.
Commenting on this initiative, Mir Mohammad Ali, CEO UBL Fund Managers "At UBLFM we do our best to help people understand the level of risk associated with their investment decisions on the basis of their respective demographics such as age, income brackets, need, time span, liquidity, Islamic laws etc. This service will help us branch out to a wider market, by educating people and institutions who were previously unaware of the importance of making sound investment decisions."
UBL Fund Managers also launched three of its existing mutual funds in the United Arab Emirates earlier this month in an effort to reach out to the NRP community in the UAE. Many of these individuals send a portion of their earnings to their families back in Pakistan.
UBL Fund Managers offers a full range of mutual fund products across major asset classes with a solid and proven track record. Presently UBLFM have nine investment centers operating in Pakistan which offer innovative investment solutions from money market (UMF), fixed income (UGIF), and equities (USF) to Islamic 'Riba Free' (UCIF) investments to both individual and institutional clients.