Pak-Qatar Family Takaful Limited (PQFTL) has announced the distribution of 28 percent surplus among its Individual Family Takaful Participants (Direct Sales Force-DSF) for the year 2016. With this declaration of Surplus, PQFTL is the only Takaful operator in Pakistan to declare distributable Surplus for Individual Family Takaful in all nine years of its operations.
The single-rate method has been adopted to calculate the Surplus and will be distributed amongst the participants through a defined manner in relation to the “Cumulative Net Contribution’ received in the IFTPF (Individual Family Takaful Participant Fund) by each participant. Furthermore, the actual distribution of surplus will be done only to those Participants leaving the pool during the year 2017, by way of Permanent Withdrawal, Death or Maturity of the memberships.
After this important announcement of Surplus, Pak-Qatar Family Takaful Limited will now become the only Takaful Operator in the country, which has been consistently declaring distributable surplus for Individual Family Takaful, every year, over the past nine years of its operations. It is important to note that in the year 2008, PQFTL had declared a surplus of 10%, which has seen consistent growth to reach 28% in the year 2016.
The following graph depicts the trend of Surplus Rate from year 2008 till year 2016.
ABOUT PAK-QATAR FAMILY TAKAFUL LIMITED
Pak-Qatar Family Takaful Limited, the pioneers of Family Takaful, is a progressive and a technology-driven Shari’ah Compliant company providing innovative Takaful solutions in Pakistan. The company is the fastest growing Family Takaful operator in the region.
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 TaqiUsmani certifies all products and operations for Shari’ah compliance.
The company’s vision of providing financial protection through Takaful to everyone is supported by some of the strongest financial institutions in the state of Qatar. The paid-up capital of Pak-Qatar Family is around Rs. 995 million.The company is further strengthened by its Re-Takaful arrangements with Munich-Re, Hannover Re and Hannover Re-Takaful. Pak-Qatar Family Takaful Limited has strategic BancaTakaful alliance with FWU AG, a leading life insurance company based in Munich, for distribution of Takaful policies through banking channels.