Pakistan: EFU Life opens family takaful window

Source: Middle East Insurance Review | Mar 2015

EFU Life Assurance, one of Pakistan’s largest private-sector life insurers, has launched its takaful window operations, believed to be the first such licence granted by the Securities & Exchange Commission of Pakistan (SECP).

The operations have been introduced under the brand, “Hemayah”, a derivative of the word “Himayat” which means protection and support in Arabic.

Hemayah offers a full range of Shariah-compliant family takaful solutions for both individuals and corporates. The individual products will cater to the needs for savings, child financial planning, retirement, investment and saving for Hajj and Umrah, and pure takaful coverage. Takaful solutions are also being offered to corporates under group takaful cover.

Excluding EFU Life Assurance, the Pakistan’s takaful sector currently comprises eight operators, of which two are full-fledged family takaful operators, three are full-fledged general takaful providers, and three are general window operators.

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