Business Reporter
DOHA: The first meeting of the board of directors of the newly formed Pak-Qatar Family Takaful Company and the Pak-Qatar General Takaful Company has elected Sheikh Ali bin Abdullah al-Thani as chairman of both the companies.
Izzat Rashid will be the vice-chairman for the Karachi-based Islamic insurance firms, whose major promoters are International Islamic (Qatar International Islamic Bank) and Qatar Islamic Insurance Company (QIIC).
Other promoters from Qatar are QNB, QIB, Masraf Al Rayan and Amwal and are represented on the board of directors, which comprise Sheikh Ali bin Abdullah al-Thani, Izzat Rashid, Abdulbasit A al-Shaibei (International Islamic CEO), Zahid Hussain Awan (International Islamic), Choudhry Mohamed Wasi (QIB), Mark Diab (Amwal), Ali Abdullah Darwish (QNB) and Said Gul and Fawad Yousaf (both prominent Pakistani businessmen).
The insurance firms have already started functioning following their acquiring licences in August. Qatari investors have an 80% stake in the firms while Pakistani investors – both individuals and corporates, hold the remainder.
Pak–Qatar Family Takaful with a start up capital of Rs500mn is the first Islamic insurer in Pakistan to offer life coverage. Pak-Qatar General Takaful’s start up capital is Rs300mn.
In a statement after the first meeting of the board of directors here, Sheikh Ali said Pakistan provides great opportunities for the growth for both the firms.
“Several Islamic financial institutions based in the Middle East are now entering Pakistan. Pakistan’s laws now provide for 100% investment in its insurance sector,” he said.
Sheikh Ali said the chief executive officers for both the companies have already been appointed and experienced staff also joined the team. The soft opening of the firms has already been held.
“We plan to have a formal opening by the year-end and open branches in other Pakistani cities later,” Sheikh Ali added.
|
