Standard Chartered Bank, Pak Qatar Family Takaful launch Pakistan’s first BancaTakaful Lump Sum Product

Banking and Finance

Karachi: Standard Chartered Bank in collaboration with Pak Qatar Family Takaful and FWU AG launched first lump sum BancaTakaful product in Pakistan. It is another in line of Shariah compliant savings and risk mitigation options which Bank is providing under strategic cooperation agreement it signed with Pak-Qatar Family Takaful, Pakistan’s first and largest family Takaful operator, and FWU AG, a global facilitator of BancaTakaful.

It will allow Standard Chartered to cater to needs of all those investors who not only are looking for market competitive returns on their Cumulated savings but also wish to have a Shariah Compliant protection with their onetime investment placement to cover them in case of any unforeseen. The product, Mustehqam, offers 4 switches, between chosen Investment strategies Free of Cost, within a year.

Pak-Qatar Family Takaful is Pakistan’s first Family Takaful operator. Its sponsors include some of strongest financial institutions in State of Qatar. Coming in with a customer centric strategy it will easily be living up to its role as pioneer Family Takaful operator in the country.

Standard Chartered is largest international Bank in Pakistan, with branch network of 144 branches across 33 cities employing workforce of over 4,500 people. To a strong consumer and wholesale banking franchise has been added a robust Sukuk and derivatives business – Standard Chartered has become a domestic leader in both. Standard Chartered was first international bank in Pakistan to receive an Islamic Banking license and open Islamic Banking branches across the country.

FWU Group Headquarters in Munich is recognized “Global Leader in Takaful expertise”, winning six Takaful Industry Awards in past 2 years. It facilitates distribution of Family Takaful & Unit linked Savings products via a web based Point of Sale and administration system. Its International Takaful network includes offices in Karachi, Dubai, Kuala Lumpur & Luxembourg.

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