Al Baraka Bank enters into Takaful service alliance with Pak Qatar General Takaful

F.P. Report

KARACHI: Al Baraka Bank Pakistan (ABPL), Pakistan’s first Islamic bank, entered into an agreement with Pak Qatar General Takaful for providing Accidental Death and Cash Withdrawal Takaful to Al Baraka Shafqaat account holders.

Under this arrangement, Pak Qatar General Takaful will cover the risk of theft when Al Baraka Shafqaat Account holders withdraw cash through the counters of Al Baraka branches or ATM machines of any bank country wide. Account holders will also be covered with the accidental death benefits.

Mr. Nadeem Ajmad Khan – Deputy CEO Al Baraka Bank Pakistan and Mr. Zahid Awan – CEO Pak Qatar General Takaful Company signed the agreement on behalf of their respective organizations.

On this occasion Mr. Nadeem Amjad Khan, Deputy CEO of the Bank said “This agreement will reinforce ABPL’s commitment towards providing premium services to its customers. Very soon inshaAllah, Al Baraka Bank will introduce the same offer for other products as well.”

Al Baraka Shafqaat Account has been introduced to provide socially responsible banking services for the most valued segments of our society (Senior citizens, Widows and Permanently Disabled Person). Account holders will enjoy premium services along with healthy returns on their investment. ABPL is the only full-fledged Islamic bank to offer such account services for the target market mentioned herein.

Al Baraka Bank Pakistan is part of Al Baraka Banking Group B.S.C. (“ABG”) which is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and NasdaqDubai. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is rated BBB+ (long term) / A3 (short term) by Islamic International Rating Agency and BB (long term) / B (short term) by Standard & Poor’s.

ABG and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of ABG is US$ 2.5 billion.

The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka Banking Group has operations in Jordan, Egypt Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany in addition to one branch in Iraq and two representative offices in Indonesia and Libya.