KARACHI - Pak-Qatar Family Takaful has declared a surplus of 53.83 per cent of Takaful Donation for its BancaTakaful customers for the financial year ending 2011.
It was announced by Muhammad Owais Ansari, Board Member PQFTL and Chief Actuary FWU AG. This is the 3rd year in a row PQFTL has announced a distribution of surplus on its BancaTakaful products. The percentage distributed for 2010 was 48% and so 2011 saw a significant jump in terms of the percentage surplus going back to the participant.
Surplus, an inherent benefit of Takaful, is calculated on the amount available in the Waqf Fund after paying off all claims and meeting all expenses for the year. The company will share the surplus amount with Individual Takaful participants on the basis of their contributions to the Waqf Fund.
“The provision of surplus makes Takaful equitable and financially more viable as compared to the conventional insurance system. We are the first Takaful company in Pakistan to declare a surplus on their BancaTakaful product for three consecutive years.” Ansari added.
PQFTL has distribution agreements in place for its BancaTakaful product through premier banks such as Standard Chartered Bank, Dubai Islamic Bank, Faysal Bank, Albaraka Bank, Burj Bank, MCB Bank, Bank Islami and Bank Alfalah.