5 Interactive Distance Learning Programs on Islamic Banking and Finance

Saturday, May 9, 2009

Pan Asia Bank ties up with Amana Takaful Insurance for Bancatakaful

Seen here exchanging the MOU from left, Aashiq Aminuddin, Shafraz Asnavi, Reyaz Jeffrey ( CEO- Family Takaful ), Kimarli Fernando ( CEO- Pan Asia Bank), Rizan Mansoor and Kamoor Sourjah ( DGM-Business Dev.-Pan Asia Bank)

Pan Asia Bank and Amana Takaful Insurance have collaborated to offer Bancatakaful, under which, Takaful life policies will be offered to all Pan Asia Bank customers through the Pan Asia Bank branch network. Undoubtedly, this is yet another first from Amana Takaful Insurance & Pan Asia Bank, who are rapidly moving towards the pinnacle of excellence in finance sector in Sri Lanka.

What is Takaful?

Takaful is an insurance system through which the participants donate part of their contribution, which are used to pay claims for damages suffered by some of the participants while balances goes into an investment fund. Amana Takaful's role is to manage the insurance operations and invest insurance contributions in line with Islamic principles. Takaful is a novel way of insurance that is based firmly on values of taking care of each other through trust, equality and ethics. Takaful solutions are on par with conventional insurance solutions but differ fundamentally on the operations of the funds. When you obtain a Takaful Policy, part of your contributions (premiums) are pooled into a fund known as Participants Tabarru (Donation) Funds (PTF) and the balance to a Participants Investment Fund (PIF). PTF is invested in accordance with Shariah and is used to pay claims. PIF is solely for the participants' savings and investment, PIF funds are invested on principles of Al Mudarabah, which is a commercial profit sharing contract between providers of funds and the entrepreneur who actually conducts the business. After a specific period if the participant needs financial assistance he or she could withdraw a considerable percentage of the PIF. Policy holder has the privilege in cancelling the policy at any given time and is entitled to withdraw the PIF along with the profit, subject to cancellation fee. Ms. Kimarli Fernando Director/CEO of Pan Asia Bank stated ,'' Pan Asia Bank is delighted to be the first bank in Sri Lanka to collaborate with Amana Takaful to initiate a premier service to its customers in the arena of Takaful insurance, for the entire family. This partnership will open new doors, propelling the banking industry to stratospheric heights. She also added having got valuable feedback from its Muslim customers for the need for Sharia compliant products, Pan Asia Bank as a "Bank of all communities", is keen to meet the needs of its customers. Bancatakaful is such product and it will be followed other Islamic banking products which we plan to introduce in the future and will be available not only to Muslim customers but to all our valued customers. 'Commenting on this historic occasion, Mr. Reyaz Jeffrey GM/CEO of Amana Takaful Life said, 'Amana Takaful as the leader in Takaful is very happy to be associated with Pan Asia Bank on this unique tie up which will enable Amana Takaful to reach out to a wider audience and for Pan Asia Bank to offer a unique value addition to their financial products offerings'.Pan Asia Bank has 33 branches island wide and Amana Takaful Insurance has 18 branches in Sri Lanka along with a fully fledged operation in Maldives.

--FinancialTimes

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