Karachi, 11 Oct 2023:In a recent development aimed at expanding the availability of Shariah-compliant financial products across Pakistan, Faysal Bank Limited (FBL) and the Window Takaful Operations of State Life Insurance Corporation of Pakistan (SLIC) have formalized a Distribution Agreement. At a ceremony held at the SLIC Head Office, senior officials from both organizations, including Mr. Yousaf Hussain, President and CEO of FBL, and Mr. Shoaib Javed Hussain, CEO of SLIC, witnessed the signing of the agreement, which heralds the nationwide availability of State Life’s Takaful product, specifically the State Life Tayyab Takaful Endowment Plan, to all FBL customers throughout the bank's branches across the country.
Mr. Ahmed Anwar Hemani, Head Institutional Sales and Wealth Management of FBL, and Mr. Tariq Saeed Chaudhry, Chief Takaful Officer of SLIC, signed the agreement, solidifying a partnership that promises to offer another valuable addition to FBL’s roster of customer initiatives and benefits. This partnership will notably enhance the bank’s ability to offer diverse Shariah-compliant products to its clientele, underlining its commitment to cater to the varied financial needs and preferences of its growing customer base.
Speaking at the ceremony, Mr. Yousaf Hussain, CEO of FBL, shared, “Our partnership with State Life for their Takaful Endowment Plan is, indeed, a significant addition to our extensive list of initiatives. This Agreement aims to proffer yet another advantage to our esteemed customers, who remain an integral part of our swiftly expanding bank. Furthermore, it will allow our business community to acquaint themselves with the products, services, and opportunities we continually develop for them.”
Mr. Shoaib Javed Hussain, CEO of SLIC, imparted, “I am delighted to announce this partnership between two prominent organizations in Pakistan. This collective effort mirrors a mutual commitment to heightening inclusive financial protection across various segments of Pakistani society, aligning with a common vision of boosting economic activities and endorsing a savings culture within the country.”
The collaboration between FBL and SLIC not only seeks to bring top-tier savings and protection products to Faysal Bank’s customers but also represents a consequential stride towards proffering Shariah-compliant Takaful solutions to the Pakistani populace.