What Is Takaful:
The word Takaful comes from the Arabic root word Kafala, meaning “Guaranteeing each other”. The Takaful arrangement is based on the concept of Ta’awun (mutual assistance) and ‘Tabarru’, where a group of participants pool resources in order to mutually share the risk of each other. In case of loss occurring to one or more of the participants, the group collectively and voluntarily provides financial assistance to compensate the beneficiaries of the participants.
Our Takaful Partner: Pak-Qatar Family Takaful Limited (PQFTL)
In this Takaful plan, BankIslami is serving as a “Distribution agent” of Pak-Qatar Family Takaful Limited. PQFTL (as a principal) is responsible for claims settlement as well as professional management of Participant’s Investment account and the Waqf fund. PQFTL is Pakistan’s premier Family Takaful provider that is financially backed by some of the most prominent Qatari Institutions including: Qatar Islamic Insurance Company (QIIC), Qatar International Islamic Bank (QIIB), Qatar Islamic Bank, Qatar National Bank, Masraf Al Rayyan, The Anwal Group and Munich based FWU, Group. PQFTL is registered and supervised by Securities and Exchange Commission of Pakistan.
- Service charges and taxes will be applicable as per the Bank’s schedule of charges or Taxation laws as stipulated by the relevant authorities
- A description of how the contract works is given in the Participant’s Membership Document (PMD).
- Past performance of the fund is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of the future or likely performance of the fund.
- BankIslami Pakistan Limited is acting as a distributor of BankIslami Takaful - Saving Plan, BankIslami Takaful - Asaan Saving Plan and BankIslami Takaful -- Single Contribution Plan on behalf of Pak Qatar Family Takaful Limited and is not responsible in any manner, whatsoever, to the customer, his/her beneficiary/ies or any third party.
- Pak Qatar Family Takaful Limited is registered and supervised by Securities and Exchange Commission of Pakistan.
- All products, BankIslami Takaful - Saving Plan, BankIslami Takaful - Asaan Saving Plan and BankIslami Takaful - Single Contribution Plan applications are processed and approved by Pak Qatar Family Takaful Limited, as per their underwriting guidelines. BankIslami Pakistan Limited is not responsible for the processing and approval of these applications in any way, whatsoever.
- This brochure only provides an introduction to the benefits available under the policy.