Karachi, August 30: Pak-Qatar Family Takaful (PQFTL) has declared a Surplus of 15 percent for its individual customers for the financial year ending 2009. This was announced by CEO of PQFTL, P. Ahmed following the meeting of Shariah Supervisory Board which was chaired by Justice (R) Mohammad Taqi Usmani.
Surplus, which is an inherent benefit of Takaful, is calculated as per the amount available in the Waqf Fund after paying off all the claims and meeting all the expenses for the year.
The company will share the surplus amount with the Individual Takaful participants on the basis of their contribution in the Waqf Fund.
The provision of surplus makes Takaful equitable and financially more viable as compared to conventional insurance system. We are the first Takaful company in Pakistan to declare Surplus while still in the third year of operations, Ahmed said.
The company has registered tremendous growth despite economic recession which speaks highly about the acceptance of Takaful by the masses. PQFTL, sponsored by some of the leading financial institutions from the State of Qatar, is part of Pak-Qatar Takaful Group which offers innovative and need-based Takaful solutions to individuals and corporations. The company began its operations in 2007.