Karachi (Muhammad Yasir) Pak-Qatar Takaful Group in collaboration with IBA-CEIF (Centre for Excellence in Islamic Finance) recently held a webinar on Understanding Takaful Products by the company Chairman, Shariah Advisory Board, Mufti Muhammad Hassaan Kaleem and CEO Pak-Qatar Family Takaful, Azeem I. Pirani were key speakers for the webinar.

Mufti Hassaan Kaleem while explaining about the concept of Takaful stated, “The word ‘Takaful’ originates from the Arabic language and means “joint or mutual guarantee”. Takaful is a community-pooling system based on the principles of brotherhood and mutual help wherein participants contribute in a common fund to help those who need it the most.”

He further said that Takaful is a Halal and Ethical way to fulfill your financial protection and saving needs. It is a Halal risk mitigation tool, which serves as an alternative to conventional insurance. It is fully transparent and fair ethical arrangement, which assists participants to share their risk based on cooperation, brotherhood and solidarity for common good.

CEO, Mr. Azeem Pirani while stressing upon the need of Takaful said, “It is extremely important to create awareness amongst the masses about the element of protection and its benefits. Awareness is the key to success and I firmly believe that digital medium along with conventional mediums will help a lot for the promotion of Takaful industry. Conducting regular seminars, workshops and appearance in media will also increase its reach throughout Pakistan. ”

Mr. Pirani highlighted that Pak-Qatar Takaful Group provides complete protection against all kinds of risks (Life & Non-Life) and has strong support of Re-takaful operators. The Group offers a wide variety of services including Individual, Group and Banca products, which are customized according to the customer’s financial position and needs. All these Takaful products are absolutely competitive, more rewarding and flexible for the customer, compared to the traditional insurance products.

The webinar was followed by Q & A by the viewers and in which the speakers clarified certain misconceptions about Takaful.