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Wednesday, April 15, 2009

Pak-Qatar Family General Takaful posts Rs170m profit

The Pak-Qatar Family/General Takaful posted gross revenue of Rs170m for the year ended December 31, 2008.

Speaking at the third Annual General Meeting to review the company’s performance and evaluate the financial results, Sheikh AIi bin Abdullah Al Thani, Chairman of Pak-Qatar Family Takaful Limited, said: “Despite tough global economical conditions and its impact on Pakistan, the company witnessed substantial growth in all areas of operations in 2008 in addition to establishing offices in 10 major cities of the country.”

In Individual Family Takaful segment, the company has developed a strong agency structure with manpower of approximately 700 trained Takaful consultants.

“This growth is unprecedented in the country since no other Takaful/lnsurance company could attain this within its first year of operations,” he said.

The company has launched various products designed to meet the needs of various segments of the market and the company now has the capability to launch new products and services driven by the consumer needs.

After laying a strong foundation through a committed and professional management team together with the implementation of state-of-the-art business system, the company is focusing on strengthening the individual family takaful business, which is very important for the long term survival and growth of the company, Sheikh AIi bin Abdullah said.

“Significant progress was also made to acquire corporate business. A number of respectable institutions entrusted us for their employee benefit plans and the client list is growing,” he said.

“During 2009, we will continue to tap the huge untapped potential of the Takaful market in Pakistan. During this process we will be aggressively pursuing our goal of spreading takaful protection among the masses with the enhanced zeal and impetus.”

He added that in 2008 growth was achieved without any spending on advertisement and the management did a good job to make the company’s presence felt in the market as well as among competitors. “But now is the time to support management with advertisement and sales promotions. We will be making a corporate launch of the company in the 2nd quarter of this year,” Sheikh Ali bin Abdullah said.


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