National Bank of Pakistan Aitemaad Islamic Banking Group signed the ‘Bancatakaful’ agreement with Jubilee Life Insurance Window Takaful Operationswhich is the largest life insurance company in the private sector of Pakistan
Karachi (Pakistan Point News - 1st Aug, 2019) National Bank of Pakistan Aitemaad Islamic Banking Group signed the ‘Bancatakaful’ agreement with Jubilee Life Insurance Window Takaful Operationswhich is the largest life insurance company in the private sector of Pakistan. The agreement was signed in a ceremony held at NBP's Head Office to commemorate the partnership in the wake of the expanding market for Bancatakaful products. The agreement signing ceremony was graced by Mr. ArifUsmani, President andCEO of National Bank of Pakistan, Mr. Javed Ahmed,MD& CEO of Jubilee Life Insurance, Mr. FouadFarrukh SEVP/Group Chief, NBP –AIBG,Mr. Shan Rabbani, Group Head – Retail operations, actuarial and Investments, Jubilee Life Insuranceand Syed RizwanAziez, Head of Bancassurance, Jubilee Life Insurance along with senior officials from both organizations.
President NBP Mr. ArifUsmani emphasized the importance of Takaful (Shariah Compliant alternate to insurance) in the growth of the Islamic finance industry. He said that NBP has a long-running business relationship with Jubilee Life Insurance, and through this partnership it combines the expertise of one of the leading insurance companies with NBP’s extensive branch network, offering branch customerswith convenient solutions to their Takaful needs.
Mr. FouadFarrukh said that NBPAitemaad Islamic banking group and Jubilee Life InsuranceWindow Takaful Operationshad joined hands by entering into the‘Bancatakaful’ agreement for selling Takaful products of Jubilee Life InsuranceWTO through NBP’sAitemaad Islamic banking branch network on a referral model. He said the agreement will introduce a cross sales culture throughout the organization. The alliance will cater towards savings and protection needs of NBPAitemaadclients. He added that NBP believes in creating value and convenience for their customers and providing innovative financial solutions.
Mr. Javed Ahmed, MD & CEO, Jubilee Life Insurance,also spoke on the occasion, saying ‘Bancatakaful’ was the commencement of a new chapter in the Shariah compliant market and a means of strategically penetrating through the industry which has witnessed prodigious growth in Pakistan, “We are confident that, along with NBP Aitemaad, our top quality services will create room for business longevity through the newly established platform of trust.
National Bank of Pakistan is the largest state-owned financial institution of Pakistan which launched Islamic banking in 2006.To market Islamic products and services, NBP plans to capitalize on its strong brand recognition. Itrelaunched Islamic banking in 2013 under the brand name “Aitemaad”. Aitemaadprovides high-quality and cost-effective Islamic banking products and services to the nation.
