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Pak-Qatar FAMILY Takaful and sister company Pak-Qatar GENERAL Takaful received their licenses from the Pakistani Securities and Exchange Commission on 16 August 2007. Pak-Qatar FAMILY Takaful was the first ever family Takaful operator in Pakistan and, thus, Pak-Qatar was the first group in the country to have both a family and general Takaful company under one umbrella.
An independent Shari'ah Supervisory Board chaired by Mufti Muhammad Taqi Usmani, certifies all products and operations. A well-known figure in the field of Shari'ah, particularly in Islamic Finance and economics, he served as a Judge in the Shari'ah Appellate Bench, Supreme Court of Pakistan from 1982 to 2002.
Pak-Qatar FAMILY Takaful is rated A- (stable outlook) and Pak-Qatar GENERAL Takaful BBB+ (stable outlook) by JCR-VIS Credit Rating Co Ltd. The company is backed by Qatar Islamic Insurance Company, Qatar International Islamic Bank, Qatar Islamic Bank, Qatar National Bank, the Amwal Group, Masraf Al Rayan and Munich-based FWU AG. The paid-up capital of the Pak-Qatar FAMILY is PKR 533 million, the combined paid-up capital of the group is PKR 840 million. The company has re-Takaful arrangements with Munich-Re, Hannover Re and Takaful-Re and a strategic BancaTakaful alliance with FWU AG.
P. Ahmed is the Director and founding Chief Executive Officer of Pak-Qatar FAMILY Takaful Limited. His career includes appointments with State Life Insurance Corporation (SLIC) of Pakistan in 1989, American Life Insurance Company Limited (ALICO) and Commercial Union Life Assurance Company Limited (later, merged into New Jubilee Insurance Company Limited) as head of Sales and Marketing where he developed alternate distribution channels, including pioneering bancassurance in Pakistan.
Prior to establishing Pak-Qatar Family Takaful, he was Chief Operating Officer and organisational development consultant with a management training and consultancy firm in the Middle East and Pakistan. P. Ahmed holds an MBA with majors in Finance & Marketing and a Post Graduate Diploma in Islamic Banking and Finance from the Centre of Islamic Economics, Darul Uloom, Karachi.
A pioneer of the family Takaful concept in Pakistan, he has an active policy-making role in the committee formed by the Securities and Exchange Commission of Pakistan to review the 2005?Takaful Rules.
Pak-Qatar FAMILY Takaful obtained licence to operate in Pakistan in August 2007 - you were the first ever family Takaful operator...