Karachi, Pakistan, 24th February, 2025 –Pak-Qatar Family Takaful Limited (PQFTL), a leading provider of Family Takaful solutions and part of Pak-Qatar Group, the country’s premier and pioneer Islamic financial services group, has written history by unveiling an innovative lifetime guaranteed pension plan under the name “Lifetime Kafalat Plan”, that is first-of-its-kind in Pakistan.
The product’s launch event ceremony was held in Karachi, whereby product details were unveiled in the presence of representatives from SECP, Trade & Business Associations representatives, Business Leaders and leading Islamic scholars.
This is the first time that any company in Pakistan has addressed the issue of a lifetime pension, with a guaranteed income, based on customer requirements, utilizing advanced algorithms that define current contributions on a monthly basis, thereby making Pension income accessible to all Pakistani’s. This launch, reinforced PQFTL’s position as a pioneer in the industry and will enable Pakistanis with the liberty of financial planning for their retirement.
Addressing the ceremony, through a video message Chairman SECP, Mr Akif Saeed, lauded the efforts of Pak-Qatar Family Takaful and congratulated the entire team on launch of unique product.
In his speech, the chief guest, Mr. Mujtaba Ahmed Lodhi, Commissioner Insurance, SECP highlighted the demand for structured retirement solutions and need for extended financial security. He also outlined SECP’s support for innovation in terms of coming up with new and unique products.
Mr. Waqas Ahmad, CEO of Pak-Qatar Family Takaful Limited, expressed his delight on this momentous occasion and said: ” Lifetime Kafalat Plan is an innovative and first of its kind, product that provides for smart financial planning for retirement with a promise of guaranteed lifetime pension. Our strategic approach not only enhances our end-to-end service delivery but also aligns with our vision to provide innovative and customer-centric financial solutions.”
During the event, the Chairman Shariah Board (PQFTL & PQGTL), Mufti Hassaan Kaleem, highlighted the importance of Islamic financial services and the products key features, and in his closing remarks Mr. Zahid Awan (Founder & Member Board of Directors – Pak-Qatar Group), thanked SECP for their support. The event was also attended by Mr. Said Gul (Founder & Member Board of Directors – Pak-Qatar Group) and Mr. Kamran Saleem (Member Board of Directors – Pak-Qatar Group) along with Senior Management.