ABPL, PQFTL to collaborate

KARACHI: Al Baraka Pakistan Limited (ABPL) has signed a memorandum of understanding (MoU) with Pak Qatar Family Takaful Ltd in a recently held signing ceremony at their head office, a statement said on Tuesday.

The partnership will enable the bank to provide takaful coverage for its “Tabeer Saving Plan” customers in a Shariah-complaint manner, it added.

Ahmed Shuja Kidwai, CEO of Al Baraka Bank Pakistan, said: “Al Baraka is always keen to provide unique and innovative products to its customers; through this we will be able to provide another Shariah-complaint financial solution for their saving needs.”

“I see this alliance with Pak Qatar Family Takaful as a long-term and promising solution towards our customers’ financial needs.”

Al Baraka Tabeer Saving Plan is an innovative Shariah-compliant, customer-friendly alternative to Banca Takaful / assurance that offers a unique combination of saving, investment and protection.

Customers will be able to consistently save for their future needs such as child education, child marriage, retirement or any other future financial needs, it said.