Islamic banking: Surplus for BancaTakaful participants

Company will share surplus amount with individual Takaful participants on basis of their contributions to Waqf Fund.

KARACHI: Pak-Qatar Family Takaful (PQFTL) has declared a surplus of 48 per cent of Takaful donation for its BancaTakaful customers for the financial year ending 2010, announced PQFTL CEO Pervaiz Ahmed. BancaTakaful is defined as the distribution of Takaful products by a bank.

The company will share the surplus amount with individual Takaful participants on the basis of their contributions to the Waqf Fund. PQFTL has distribution agreements in place for its BancaTakaful products through premier banks such as Standard Chartered Bank, Dubai Islamic Bank, Albaraka Bank, Dawood Islamic Bank, MCB Bank, Faysal Bank and Bank Alfalah.

Published in The Express Tribune, June 7^th, 2011.