Pakistan: EFU Life signs distribution agreements for family takaful

Source: Middle East Insurance Review | Jun 2015

EFU Life Assurance has tied up with JS Bank and KASB Modabara to distribute its family takaful products, marketed under the “Hemayah” brand.

JS Bank is a leading provider of wealth management solutions in Pakistan, including bancassurance and bancatakaful products. KASB Modaraba is an Islamic financial institution, providing financial solutions under the musharaka model.

Mr Taher G Sachak, CEO and Managing Director of EFU Life, said: “The introduction of bancatakaful solutions offers us an added opportunity to expand our product range and provides more opportunities to JS Bank’s customers for their long-term financial planning needs.”

He added: “KASB Modaraba is a leading Modaraba with a strong customer base and we are proud to launch a takaful distribution partnership with them.”

EFU Life received a licence to offer family takaful products through a window operation this year, and has since tied up with Dubai Islamic Bank Pakistan Limited and United Bank Limited.

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