Meezan Bank and Takaful Pakistan sign agreement

Meezan Bank and Takaful Pakistan have entered into an agreement whereby all customers of Meezan Bank’s Labbaik (Hajj and Umrah) deposit product will be provided Shariah-compliant credit Takaful coverage.

President Meezan Bank Irfan Siddiqui and Takaful Pakistan CEO Capt Jamil Akhtar signed the agreement.

Under the agreement, all Labbaik installment customers that have performed Hajj or Umrah will be provided credit Takaful coverage at very special rates. In case of natural death, accidental death, permanent total disability or insolvency of a Labbaik customer his/her outstanding installments will be paid by Takaful Pakistan.

Speaking on the occasion, Siddiqui said that Meezan Bank had always focused on coming up with Riba-free products and innovative facilities for its customers and the arrangement with Takaful Pakistan was another step in the direction of making Islamic banking the banking of first choice. Jamil said that he was delighted to sign the Takaful agreement with the country’s leading Islamic bank.

--Daily Times