Pakistan: EFU Life inks bancatakaful partnerships

Source: Middle East Insurance Review | May 2015

EFU Life Assurance, one of Pakistan’s largest private-sector life insurers, has tied up with Dubai Islamic Bank Pakistan Limited (DIBPL) and United Bank Limited (UBL) to offer window family takaful products.

The partnerships will see the products marketed under the brand, “Hemayah”, derived from the word “Himayat” which means protection and support in Arabic. The brand offers a full range of Shariah-compliant family takaful solutions for both individuals and corporates. Individual products will cater to the needs for savings, child financial planning, retirement, investment and saving for Hajj and Umrah, and pure takaful coverage. Corporate solutions are being offered under group takaful cover.

EFU Life Assurance received a licence to offer window family takaful products earlier this year. DIPL is a wholly owned subsidiary of Dubai Islamic Bank UAE and is EFU Life’s first Islamic bank partner, while UBL is one of the largest private banks in Pakistan and is the insurer’s first conventional bank partner for bancatakaful.

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