National Bank of Pakistan Aitemaad Islamic Banking Group signed the ‘Bancatakaful’ agreement with Jubilee Life Insurance Window Takaful Operations which is the largest life insurance company in the private sector of Pakistan.
The agreement was signed in a ceremony held at NBP’s Head Office to commemorate the partnership in the wake of the expanding market for Bancatakaful products.
The agreement signing ceremony was graced by Arif Usmani, President and CEO of National Bank of Pakistan, Mr. Javed Ahmed, MD & CEO of Jubilee Life Insurance, Fouad Farrukh SEVP/Group Chief, NBP – AIBG, Mr. Shan Rabbani, Group Head – Retail operations, actuarial and Investments, Jubilee Life Insurance and Syed Rizwan Aziez, Head of Bancassurance, Jubilee Life Insurance along with senior officials from both organizations.
President NBP Arif Usmani emphasized the importance of Takaful (Shariah Compliant alternate to insurance) in the growth of the Islamic finance industry.
He said that NBP has a long-running business relationship with Jubilee Life Insurance, and through this partnership it combines the expertise of one of the leading insurance companies with NBP’s extensive branch network, offering branch customers with convenient solutions to their Takaful needs.
Mr. Fouad Farrukh said that NBP Aitemaad Islamic banking group and Jubilee Life Insurance Window Takaful Operations had joined hands by entering into the ‘Bancatakaful’ agreement for selling Takaful products of Jubilee Life Insurance WTO through NBP’s Aitemaad Islamic banking branch network on a referral model.
He said the agreement will introduce a cross sales culture throughout the organization. The alliance will cater towards savings and protection needs of NBP Aitemaad clients. He added that NBP believes in creating value and convenience for their customers and providing innovative financial solutions.
Javed Ahmed, MD & CEO, Jubilee Life Insurance, also spoke on the occasion, saying ‘Bancatakaful’ was the commencement of a new chapter in the Shariah compliant market and a means of strategically penetrating through the industry which has witnessed prodigious growth in Pakistan, “We are confident that, along with NBP Aitemaad, our top quality services will create room for business longevity through the newly established platform of trust.
National Bank of Pakistan is the largest state-owned financial institution of Pakistan which launched Islamic banking in 2006. To market Islamic products and services, NBP plans to capitalize on its strong brand recognition. It relaunched Islamic banking in 2013 under the brand name “Aitemaad”. Aitemaad provides high-quality and cost-effective Islamic banking products and services to the nation.