ISLAMABAD: The Pak-Qatar Family Takaful and the Instaful Solutions have entered into a strategic partnership to introduce inclusive BancaTakaful, a first-of-its-kind initiative in the country. “BancaTakaful, an innovative distribution model, involves offering Takaful products to bank customers, primarily to depositors,” a news release said.
Unlike traditional BancaTakaful, which typically targets a subgroup of wealthier individuals with higher deposit amounts, it added, the new initiative aimed to address the needs of the majority, middle- or low-net-worth individuals, comprising 60-70 percent of total bank depositors.
“These customers are exposed to host of savings, investment and protection needs which largely remain unserved under current model.” “Recognizing the changing landscape influenced by enhanced digitalization, Pak-Qatar Family Takaful and Instaful believe that leveraging technology is key to scaling Takaful products beyond a limited niche to a mass clientele.
The concept of Inclusive BancaTakaful is in essence Digital BancaTakaful and revolves around offering a range of innovative products and solutions to the currently ignored middle segment of banks through the use of technology,” it added.
The transformative partnership was signed at a ceremony at the Pak-Qatar Family Takaful headquarters in Karachi, which was attended by senior leadership from both organizations. Speaking on the occasion, Azeem Pirani, CEO of Pak-Qatar Family Takaful said, “Our partnership with Instaful aligns with our commitment to delivering innovative, customer-centric solutions.
Through this collaboration, we aim to redefine the Takaful landscape, making it more accessible, convenient, and transparent for our valued customers.” Rehan Butt, Founder & CEO of Instaful Solutions, in his remarks, said, “Pakistani Takaful market must shift its focus beyond a small niche and adopt market-creating strategies to support the SECP’s journey to for financial inclusion in Pakistan.
We are thrilled to join hands with Pak-Qatar Family Takaful in this exciting journey to introduce Inclusive and Digital Banca Takaful products meeting the needs of ordinary Pakistanis.”. Farhan Shaukat (CEO – Pak-Qatar Asset Management) and Zeeshan Haider (Head of ADC) from Pak-Qatar Family Takaful were also present at the ceremony.
