The year 2019 has been good for the Takaful in Pakistan. This is evident from the performance of the Takaful Industry. The annual gross contribution of the Takaful Industry has risen to Rs.10.98 billion in 2019 registering an increase of 27%, over the previous year (2018: Rs. 8.65 billion). The encouraging growth in contribution speaks itself that the Takaful is gaining strengthen in Pakistan where interest based insurance and banking …
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More awareness, taking digital form and conducive environment are key to success Interview with Muhammad Nasir Ali Syed – CEO, Pak-Qatar General Takaful Limited PAGE: Tell me something about yourself and your organization, please? Muhammad Nasir Ali Syed: There is no bigger satisfaction in the world than to help fellow human beings and get their honest blessings in return. My colleagues call me that I am more so a teacher and …
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International experts revealed that it is mandatory for everyone in the developed world, to have a cover for unforeseen losses. On the other hand, the need of such an instrument is much greater in developing countries, as susceptibility to risk is high as there are very less opportunities obtainable to recover from big losses. In developing countries therefore, which are usually characterized for having low income levels, and lacking access …
Read More »The trait of insurance in the world over is to cover industrial, commercial and social activities and every individual and group of people as it is an agreement in return of payment for specified loss, death or injuries but since it is disputable either the existing form of insurance are risk free or the certain amount paid to the concerned companies making insurance policies are Islamic or un-Islamic way. …
Read More »Takaful is Islamic insurance and is relatively a new concept in the financial markets. Takaful is based on pooling of funds where gains and losses are shared equally. Prime markets for Takaful include GCC and Malaysia. Earlier this decade when Islamic banking was picking up pace and Islamic banks was actively penetrating the market, estimates were circulated that Islamic banking in terms of deposits would be 10 percent of …
Read More »In today’s world, no country, irrespective of ideological differences, stands isolated today. Foreign Direct Investment (FDI) is a strong and vibrant instrument for an accelerated socio-economic development but conducive atmosphere in this regard is a must. There are two sources of FDI namely, Direct Investment and Portfolio. Direct Investment refers to investment in various industries. This represents fixed investment and is generally expected to be on long run basis …
Read More »Presently, the Takaful industry has boosted considerably as a viable Islamic alternative to conventional insurance. Though the worldwide Takaful industry has registered healthy growth, the progress of related regulatory and supervisory frameworks has not kept pace and varies significantly between main Takaful markets. In several main states, the Takaful market is becoming increasingly over-crowded with a number of local and foreign firms competing for a small pool of risks …
Read More »Takaful is a Shariah-compliant alternative to conventional insurance. In the present age, the need and significance of insurance cannot be overlooked, but the present rules and practices utilized under insurance are against the teachings of Islam. Islamic scholars have presently deliberated over this matter for many years and devised the concept of Takaful. Takaful business is based on a huge pool of finances, where a great number of clients …
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