Pakistan: EFU Life launches Window Family Takaful operations
Source: Asia Insurance Review | Apr 2015
EFU Life Assurance Ltd, the leading life insurance company in Pakistan, has become the first insurance company to launch Window Takaful operations under license from the Securities & Exchange Commission of Pakistan.
EFU Life Window Takaful operations was launched under the brand name “Hemayah”. The word is a derivative of the word “Himayat” meaning protection and support in Arabic. Hemayah offers a full range of Shariah compliant Family Takaful solutions for both individuals and corporates.
The individual family takaful products are catered to the needs of savings, child financial planning, retirement, investment and saving for Hajj and Umrah and pure Takaful coverage. For corporates, takaful solutions are being offered under the Group Takaful cover.
The penetration of family takaful in the life insurance industry of Pakistan is only 5% in terms of gross premiums and EFU Life, through its Window Takaful operations, aims to provide the much needed impetus to the local takaful market to reach its full potential.