SCBP, PQFTL and FWU AG sign agreement to provide Takaful products through their network

Wed, 10/07/2009 - 11:21 — IslamicFinance.de

Press Release

Karachi, October 7: Standard Chartered Bank Pakistan (SCBP), the largest international Bank in Pakistan, has signed a strategic cooperation agreement with Pak-Qatar Family Takaful, Pakistan’s first and largest family Takaful operator, and FWU AG, a global facilitator of bancatakaful.

This agreement will lay the foundation for Standard Chartered to launch Pakistan’s first Shariah compliant Bancassurance (BancaTakaful) products across its branch network. These products will provide Standard Chartered’s customers with Long term Savings plans specifically catered to fulfill their future financial needs. In addition, the Takaful cover, will offer financial protection to families for the fulfillment of the above obligations in case the breadwinner is unable to do so due to untimely death. All this without having to compromise on their beliefs.

Standard Chartered is the largest international Bank in Pakistan, employing a workforce of over 4,500 people. The Bank is also one of the largest MNC in the country. Over the last three years, it has added 142 branches and 33 cities to its distribution network, increasing the branch network to 162 branches in 41 cities by end 2008. In 2006, the Bank successfully executed the then largest ever Foreign Direct Investment (FDI) in the history of Pakistan’s banking industry with the acquisition of the Union Bank worth USD 487 million.

Pak-Qatar Family Takaful is Pakistan’s first Family Takaful operator. Its sponsors include some of the strongest financial institutions in the State of Qatar. Coming in with a customer centric strategy it will easily be living up to its role as the pioneer Family Takaful operator in the country.

The FWU Group has its Headquarters in Munich and is a recognized “Global Leader in Takaful expertise”, winning six Takaful Industry Awards in the past 2 years. It facilitates distribution of Family Takaful and Unit linked Savings products via a web based Point of Sale and administration system. Its International Takaful network includes offices in Karachi, Dubai, Kuala Lumpur and Luxembourg.