Qatar-based Pakistanis have been invited to invest in Pak-Qatar Takaful Group’s Mahana Bachat and Takaful schemes and earn lucrative returns.
Speaking to Qatar Tribune, Executive Director of Pak-Qatar Takaful (Pakistan) Said Gul said the minimum investment in a Shari’ah-compliant plan is Pakistani Rs1 million and investors can look to earn high profits.
"The average return will be 17 per cent annually and within three years the investment value will almost double,” said Gul.
The average return to be accrued in the policy is expected to be in line with Karachi Inter-Bank Offered Rates (KIBOR) less 150 bps, over the tenor of the policy, he added. The investment value will progressively grow in accordance with the prevalent Money Market Rate of Returns (variable returns) as shown in the exhibit # 1.
In the event of natural death of the participant/investor, complimentary Takaful coverage shall be paid to the beneficiaries nominated in the policy equal to ‘Two-Times’ of last three months’ average cash-value of Takaful policy, subject to the maximum of Pakistani Rs10 million only. This complimentary Takaful coverage shall also be payable in the event of accidental total disablement, in the same ratio as show in the exhibit # 2.
In the event of accidental death of the participant/investor, complimentary Takaful coverage shall be paid to the beneficiaries nominated in the policy equal to ‘Four-Times’ of annual average cash-value of Takaful policy, subject to the maximum of Rs 20million only as show in the exhibit # 3.
The complimentary Takaful coverage as mentioned above shall not be available after the age of 65 years while the principal along with accrued profit thereon, shall only be payable to the investor or the beneficiaries, as the case may be.
Entry age is between 18 and 60 years, whereas Takaful coverage will be provided until 65 years of age. Information about the policy can be accessed through customised web portal.
The minimum tenure of this plan is 5 years while there is no maximum limit. There is no compulsory funds’ locking period while liquidity remains available all the time and thus available cash value can be withdrawn anytime, added Gul.
Pak-Qatar Takaful is Pakistan’s pioneering and largest Takaful enterprise. Incorporated in 2006, and beginning operations in 2007, the company is registered with, and supervised by, the Securities and Exchange Commission of Pakistan (SECP).
An independent Shari’ah Advisory Board chaired by Mufti Muhammad Hassaan Kaleem certifies all products and operations for Shari’ah compliance. The company, having presence in the major cities of Pakistan, is rated ‘A+’ (Single A Plus) with Stable Outlook by PACRA and ‘A’ (Single A) with ‘Stable’ Outlook by the VIS Credit Rating Company Limited.
The company’s shareholders include some of the strongest financial institutions in Qatar such as Qatar Islamic Insurance Company (QIIC), and Qatar International Islamic Bank (QIIB).