Lahore (Muhammad Yasir) Pak-Qatar Takaful Group in collaboration with IBA-CEIF (Centre for Excellence in Islamic Finance) recently organized a webinar session on Understanding Takaful. Mufti Hassaan Kaleeem (Chairman, Shariah Board-Pak-Qatar Takaful Group) and Azeem Pirani (CEO, PQFTL) were the key speakers at the online session.
Mufti Hassaan Kaleem focused on the concept of Takaful (How it evolved?), its need and importance in our daily lives. He explained in detail about the mechanism behind Takaful, Retakaful and how it contributes toward society. Mufti Kaleem stressed upon the significance of Waqf Pool unlike conventional insurance and how it benefits the members in case of financial loss. He further stated that Takaful companies are in the phase of infancy if compared with Islamic Banking and Takaful operators need to offer more competitive products not only for Individuals but large corporate sector as well. He was of the opinion that attention was paid more to Islamic Banking if compared with Takaful and is leading because of its early emergence. “Financial literacy is one such factor that needs to be spread amongst the masses and IBA-CEIF is among one such institution playing its positive role,” commented Mufti Hassaan Kaleem.
Mr. Azeem Pirani (CEO, Pak-Qatar Family Takaful) while responding to FAQs stated that vast majority of risks are being covered by Takaful. “We are offering protection for basic requirements in terms of financial losses and have developed products to meet the needs of the customers”, he said.
Mr. Pirani was of the viewpoint that the key element of financial literacy is missing in our society and we have to promote the same. He appreciated the efforts of IBA-CEIF for playing a pivotal role in educating risk management.