all updates
archives
Pak-Qatar Family Takaful Limited and Farz Foundation have signed an MOU for Group Family Term Takaful coverage for the members of Farz Foundation. The MOU was signed by Tariq Saeed Chaudhry, Group Manager Corporate Sales PQFTL and Farhat Abbas Shah, CEO Farz Foundation. According to this agreement, in the event of the death of any member of Farz Foundation, Pak-Qatar Family Takaful Ltd would pay the Qarz e Hasna (Interest free Loan) back to Farz Foundation on behalf of deceased member. In this way Farz Foundation will get back this amount from PQFTL for issuance to a new member thus the chain would remain intact and help more and more members to get out of the vicious circle of poverty. Farz foundation is an asset based Islamic microfinance organization, which provides the facility of Qarz e Hasna (Interest free Loan) to poor. This money help him to enter in a contract of , Murabaha (Islamic Trading Transaction) and Ijara(Islamic Leasing ) as per their financial condition and capacity to begin an income generating activity for sustaining their lives and alleviating poverty. Being the pioneers in their own fields, both organizations have laid a foundation stone for the poverty alleviation by improving productivity and capacity of poor. The Pak-Qatar Family Takaful Limited, the pioneers of Family Takaful in Pakistan, is regarded as a technology-driven Shari'ah-compliant company providing need-based and cost-effective Takaful solutions in Pakistan. The company is registered and supervised by the Securities and Exchange Commission of Pakistan (SECP).
