Islamic microfinance bank in the offing

KARACHI: Pak-Qatar Family Takaful is planning to establish the first Islamic Microfinance Bank in the country.

The bank will give preference to small and medium-scale businesses, said the CEO of Pak- Qatar Family Takaful, Parvez Ahmed, while talking to The Express Tribune on Tuesday. An additional investment of $250 million would be made this year to expand Pak-Qatar Family Takaful’s reach, acquire latest technology and provide innovative facilities to customers, he said.

He said the total investment of the company would reach $800 million. The microfinance bank would introduce Islamic insurance and special family takaful (insurance) products for provision of short-term loans on Islamic principles for the lowerincome group, he said. He said the company had achieved business of Rs500 million last year and this year it targets to take the figure to Rs1.5 billion.

Published in the Express Tribune, May 19th, 2010.