History Of TAKAFUL Pakistan Introduction, Vision, Mission & Ambition
Takaful Pakistan Limited was incorporated in June, 2006 with its registered head-office in Karachi. With an authorized capital of Rs. 700 million, issued Capital of Rs. 500 million all fully paid-up as at 30 September 2018, the Company is sponsored by reputable financial institutions both local and foreign. Managed and supervised by a qualified and distinguished Shariah Adviser, Takaful Pakistan Limited has the capacity to underwrite risks in all avenues of General Insurance namely, Property (Fire & Engineering), Marine, Motor, Liabilities, etc. In addition, the Company has the expertise and arrangements with overseas ReTakaful operators enabling it to offer comprehensive coverage for large infra-structure projects, specialized risks and umbrella/blanket covers specifically tailored for Islamic banking operations as well as for large corporate groups. The Company currently operates branches in Lahore and Peshawar besides its Head Office in Karachi.
TakafulPakistan Limited aims to lead the contemporary insurance/Takaful market ensuring that its operations are riba-free and are in line with the cardinal Islamic principles. Takaful Pakistan Limited also offers a unique option of return of surplus to its clients whereby any balance remaining in its Waqf-Fund shall be returned to the Participants in proportion to their original contributed amount. Takaful Pakistan’s Management manages, as Takaful Operator, the general takaful operations for the participants of its Participants’ Takaful Fund (PTF) 40% of gross contribution as Wakala fee to meet the general and administrative expenses of the company.
Takaful Pakistan’s Management also manages the participants’ investment as Modarib and charges 25% of the general takaful investment income earned by the PTF as Modarib’s share. Rating: Takaful Pakistan Limited has been assigned ‘A-’ rating with STABLE outlook by PACRA. It is currently the only rated Takaful Company in the country and one of the few amongst contemporary insurance companies that have been assigned A ratings.