Get a Quote
Online Payments

Home > Trust in Pak-Qatar

Trust in Pak-Qatar

How can we trust and put confidence in Pak-Qatar Takaful with our hard-earned savings? Since these policies are long-term in nature (running up to 20 years) who will compensate us if the company (God forbid) runs out of business? Is there any kind of assurance against this risk?

  1. 1. Please note that Pak-Qatar Takaful is registered and supervised by the Securities and Exchange Commission of Pakistan (SECP). We receive our license from SECP only after fulfilling all the stringent requirements under the Insurance Ordinance of 2000 (link). A copy of this license certificate is available here for your record (link).
  2. 2. Both SECP and the Appointed Actuary (who is not an employee of Pak-Qatar Takaful) constantly oversees the operations of our company. Takaful and insurance companies world-over are all specially monitored by regulators for solvency and our company is no different. Insurance Ordinance of 2000 has a dedicated section (Part V) on such solvency requirements. These measures ensure that a company does not position itself in a situation to run away without fulfilling its obligations.
  3. 3. There is also another requirement by the SECP in statutory deposit with State Bank of Pakistan. This deposit for Shari’ah compliant companies is in the form of investment in government Sukuk. The value of this Sukuk is equal to Rs. 10 million or 10% of the company’s paid-up capital which in our case amounts to more than Rs. 50 million respectively.
  4. 4. Pak-Qatar Family Takaful has been assigned an initial Insurer Financial Strength (IFS) rating of ‘A’ (having Stable Outlook) JCR-VIS Credit Rating Co. Ltd. The rating incorporates strong financial support from Qatar based financial institutions having sound credentials and further takes into consideration the company’s institutional capacity and the technical competence to meet the participant and contract obligations.
  5. 5. Further, it is important to know that Pak-Qatar Takaful has already heavily invested in the expansion of branch networks and the procurement of state-of-the-art technology in business system from Malaysia and SAP ERP which is approximately US$ 1.4 million in worth. This is a sizeable investment for any new company from a financial sector in Pakistan. The strength of our workforce is increasing day by day.
  6. 6. Further testimony to our financial strength, management expertise, and long-term commitment to our customers, is in the impressive corporate clientele list. We are presently providing Takaful coverage to several companies which include all the major Islamic Banks, multinationals, pharmaceuticals, universities, and so on.