Karachi, December 2015: Faysal Bank Limited (FBL) and EFU Life Assurance Ltd (EFU) have entered into a distribution alliance for EFU Life’s Window Family Takaful Products under a dedicated brand “Hemayah”. FBL is a leading commercial bank of Pakistan with a fast growing Islamic Banking network. EFU Life is a leading life insurance company in Pakistan and is the first Window Family Takaful Operator licensed by Securities and Exchange Commission of Pakistan (SECP).
The signing ceremony was held at Faysal House – Faysal Bank Head Office in Karachi and the agreement was signed by Mr. Nauman Ansari, President & CEO, FBL and Mr. Taher G. Sachak, Managing Director & Chief Executive Officer, EFU Life and. The ceremony was also attended by senior officials of both organizations.
Addressing the gathering, Mr. Nauman Ansari, said “EFU Life is one of our oldest and most reliable partners in the Bancassurance business and we are pleased to have entered into a Takaful arrangement with them. Shariah Compliant products are a major growth segment for Faysal Bank, and with the signing of this agreement, we have taken yet another step towards creating a strong and diverse product menu of our customers. With the continued support of our business partners we hope to add maximum value to the Wealth Management solutions being offered to our clients and expand our base of Shariah compliant offerings for our Islamic segment.”
Speaking at the occasion, Mr. Taher G. Sachak, said “It gives an immense pleasure to have Faysal Bank on board as distribution partner for our Family Takaful Products. We admire the success of our existing Bancassurance relationship with Faysal Bank and this Bancatakaful partnership will enhance the association and will give us an added opportunity to expand our product portfolio. Through this relationship, we intend to offer our custom designed Bancatakaful solutions to the bank customers without compromising on their religious values. There is a huge potential in Shariah Compliant Takaful solutions for Pakistan and introduction of Bancatakaful products through Faysal Bank is a step towards providing Shariah Compliant investment and protection solutions to cater the demand for long term impending financial needs of Bank’s customers.”
FBL believes that this strategic business alliance will play a vital role to develop a very strong mutually beneficial business relationship between Faysal Bank and EFU Life Assurance in the days to come.
Faysal Bank Limited was incorporated in Pakistan on October 3rd, 1994 as a public Limited company under the Companies Ordinance, 1984. Currently, the Bank’s shares are listed on the Karachi, Lahore and Islamabad Stock exchanges. Faysal Bank is engaged in Commercial, Retail, Corporate and Islamic banking activities. The Pakistan Credit Rating Agency Limited (PACRA) and JCR-VIS Credit Rating Company Limited have determined the Bank’s long term rating as ‘AA’ and short term rating as ‘A1+’.
Faysal Bank’s footprint now spreads over more than 80 cities with over 275 branches. With business assets in excess of PKR 430 billion, placing it amongst the top ten banks in Pakistan. Faysal Bank’s ambition is to provide par excellence service to its customers while meeting their financial needs.
In 1990, the Government of Pakistan reopened the life insurance business to the private sector organizations and EFU Life Assurance Ltd started operations in November 1992 as the first private sector life insurance company. In early 1993, EFU Life commenced writing group life insurance business and by March 1994, the company began writing its individual life business.
The Company has a growing branch network of over 150 branches throughout the country. For Bancassurance, the Company has a relationship with over 15 major banks and offers simple to sophisticated life insurance products. For Group Benefits, EFU Life has a marketing team which focuses on providing life insurance coverage to corporate entities and bank clients.
EFU Life was the first life insurance company in Pakistan to be awarded the ISO 9001:2008 certification, and received the “Insurer Financial Strength” rating of AA, Outlook: Stable, by JCR-VIS, an affiliate of Japan Credit Rating agency.
EFU Life’s products are designed to meet the varying needs of EFU Life’s clients and offer the best in financial services.
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