KARACHI: Pak-Qatar Family Takaful Limited (PQFTL) and U Microfinance Bank (U Bank), Pakistan’s fastest-growing microfinance bank, have strategically signed a landmark BancaTakaful agreement, according to a statement.
Under this collaboration, family Takaful products will be offered through U Bank’s distribution network, which is amongst the largest microfinance banking branch network in Pakistan.
The Memorandum of Understanding (MoU) of this partnership was signed by Ms. Mariam Pervaiz, Chief Commercial Officer & Chief of Staff – U Microfinance Bank and Azeem I. Pirani – CEO, Pak-Qatar Family Takaful Limited, while the signing ceremony was presided over by Kabeer Naqvi, President and CEO – U Microfinance Bank, in the presence of senior management officials from both the collaborating organizations.
At the occasion, Azeem Pirani said: “We are pleased to partner with one of the leading microfinance banks in Pakistan having one of the largest distribution networks.
“We are confident that this partnership will help us to take forward our long-term vision of providing financial protection through Takaful to everyone and it is always encouraging to work with like-minded partners link U Bank who share the same goals and approach towards offering need based, and appropriately priced, financial solutions to the citizens of Pakistan.”
Kabeer Naqvi, President and CEO – U Microfinance Bank, stated: “We are glad that the fruit of U Bank’s financial inclusion and expansion efforts, along with our partnership with Pak-Qatar Family Takaful Ltd. can be translated into enhanced accessibility of Islamic financial services services to the banking customers through U Bank’s network.
“This mutually beneficial collaboration is key for building harmonized industry relations and gives us an exciting opportunity to introduce Takaful services at U Bank.”
The partnership agreement is aimed at offering tailor-made BancaTakaful products to customers and is an important milestone for both the companies within the local financial services ecosystem.
The partnership will pave way for world-class Takaful products, which will be introduced in a phased roll-out manner across U Bank’s extensive network of over 250 branches nationwide currently.
