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Pak-Qatar Takaful Companies elect Sheikh Ali Thani as Chairman in their board meeting

Doha.Doha: The meeting of the board of directors of the newly formed Karachi based Pak-Qatar Family Takaful Limited and Pak-Qatar General Takaful Limited have elected Sheikh Ali bin Abdullah Al-Thani as Chairman and Izzat Rashid as Vice-Chairman for both the companies.
The Takaful Companies have already started functioning following their acquiring licenses in August, 2007.
Qatar International Islamic Bank (QIIC) and Qatar Islamic Insurance Company (QIIC) are the driving force behind these Takaful Companies. The board of directors include Sheikh Ali Bin Abdullah Al Thani (Chairman), Izzat Rashid (Vice Chairman), Abdul Basit Al-Shaibei & Zahid Hussain Awan (Qatar International Islamic Bank), Choudhry Mohamed Wasi (Qatar Islamic Bank), Mark Diab (Amwal), Ali Abdullah Darwish (Qatar National Bank), Said Gul and Fawad Yousaf (both prominent Pakistani Businessmen).
In a statement after the meeting of the board of directors in Doha, Sheikh Ali Said “Pakistan provides great opportunities for growth for both the companies.
Mr. Sheikh Ali further said “Several Islamic financial institutions based in Middle East are now entering Pakistan. Pakistan’s laws now provide for 100 percent investment in its insurance/Takaful sector.”
“The CEOs of both the companies (Mr. Pervaiz Ahmed for Family Takaful and Mr. M. Vaqaruddin for General Takaful) have already been appointed. “
Soft openings of both the Companies have already been held. “We plan to have a formal launch and branch openings in other cities of Pakistan by the year-end”, Sheikh Ali further added.
Pak-Qatar Family Takaful with a start up capital of Rs. 500 million is the first Takaful operator to offer Family (life) coverage, whereas Pak-Qatar General Takaful’s start up capital is Rs. 300 million. (PR)