Pak-Qatar Family Takaful (PQFT) has declared a surplus of 48 percent of takaful donation for its BancaTakaful customers for the outgoing financial year.
This was announced by PQFTL CEO P Ahmed. The surplus, an inherent benefit of Takaful, is calculated on the amount available in the Waqf Fund after paying off all claims and meeting all expenses for the year. The company will share the surplus amount with Individual Takaful participants on the basis of their contributions to the Waqf Fund.
“The provision of surplus makes Takaful equitable and financially more viable as compared to the conventional insurance system. We are the first Takaful Company in Pakistan to declare a Surplus on their BancaTakaful product,” Ahmed said.
PQFTL has distribution agreements in place for its BancaTakaful products through premier banks such as Standard Chartered Bank, Dubai Islamic Bank, Albaraka Bank, Dawood Islamic Bank, MCB Bank, Faysal Bank and Bank Alfalah.