Takaful Pakistan Limited was integrated in June 2006 with its registered head office in Karachi. With an official capital of Rs. 700 million, issued capital of Rs. 612 million all fully paid-up as at 30 September 2018, the Company is underwritten by reputable and reliable financial institutions both local and foreign. The Company is partly owned by the most trustworthy and reliable institution of Pakistan, House Building Finance Corporation Limited (owned by State Bank of Pakistan and Government of Pakistan).
In addition, leading financial institutions are also one of the company’s benefactors along with those entities having direct insurance experience of more than 25 years on a senior management level with a respectable and reputable track record of running successful business multinational of over USD100 million of turnover and interest in various business endeavours. Takaful Pakistan is managed and supervised by a qualified and renowned Shariah Adviser, Takaful Pakistan Limited has the ability to underwrite risks in all avenues of General Insurance namely, Property (Fire & Engineering), Marine, Motor, Liabilities, etc. In addition, the Corporation has the capability and arrangements with overseas Re-Takaful operators enabling it to offer comprehensive coverage for big infrastructure projects and umbrella/blanket for specialized risk projects. The cover provided to the insured is specifically tailored for Islamic banking operations as well as for big business groups. The Company currently operates its branch offices in Lahore and Peshawar.
Takaful Pakistan Limited aims to lead the insurance/Takaful market guaranteeing that its operations are 100% riba-free and are in line with the fundamental Islamic principles. Takaful Pakistan Limited also offers a unique option of return of surplus funds to its clients whereby any balance remaining in its Waqf-Fund shall be returned to the Participants (insured) which would be in proportion to their original contributed amount. Takaful Pakistan’s Management which acts, as Takaful Operator, for the general takaful operations for the participants for the funds known as Participants’ Takaful Fund (PTF) collects 40% of overall contribution as Wakala charge to meet the general and clerical expenses of the organization. Takaful Pakistan’s administration also manages the participants’ (insured) investment as Modarib and charges 25% of the general takaful investment earnings and profits received by the PTF as Modarib’s share.
Takaful Pakistan has a mission to deliver Takaful insurance as a viable alternative to conventional insurance. Rating: Takaful Pakistan Limited has been allocated ‘A-’ rating with a STABLE outlook by PACRA. It is at present the only rated Takaful provider in the country and one of the few amid contemporary insurance providers that have been given A ratings.
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