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Bancatakaful in Pakistan: Azeem Pirani

This document discusses BancaTakaful, which is the distribution of Islamic insurance (Takaful) products through banks and other financial institutions in Pakistan. It provides a brief history of BancaTakaful starting in France in the 1980s and spreading to Asia and India. The benefits of BancaTakaful include creating synergy between banks and Takaful companies, leveraging banks' positive image, and providing additional income and products for both banks and Takaful firms to better serve customer needs. BancaTakaful started growing in Pakistan in the late 1990s and 2000s. If implemented fully, it could help the Pakistani public access affordable risk mitigation products that align with their religious values while allowing banks

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AlHuda Centre of Islamic Banking & Economics (CIBE)
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51 views10 pages

Bancatakaful in Pakistan: Azeem Pirani

This document discusses BancaTakaful, which is the distribution of Islamic insurance (Takaful) products through banks and other financial institutions in Pakistan. It provides a brief history of BancaTakaful starting in France in the 1980s and spreading to Asia and India. The benefits of BancaTakaful include creating synergy between banks and Takaful companies, leveraging banks' positive image, and providing additional income and products for both banks and Takaful firms to better serve customer needs. BancaTakaful started growing in Pakistan in the late 1990s and 2000s. If implemented fully, it could help the Pakistani public access affordable risk mitigation products that align with their religious values while allowing banks

Uploaded by

AlHuda Centre of Islamic Banking & Economics (CIBE)
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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BancaTakaful in Pakistan

Azeem Pirani
Regional Manager – Pakistan
FWU AG

4th International Conf. & Exhibition


Lahore – Nov. 2010
Contents
•What is Banca?
•History
•Benefits
•Coming to Pakistan
•Benefits in Pakistan
•Conclusion

2
What is Banca?
« Bancatakaful is defined as the delivery and distribution of a
suitable range of tailored ‘bankable’ protection and long term
savings and pension products designed to meet the lifecycle needs
of the customer base of a bank or other financial institution.»

ANNUITIES LIFESTYLE SPEND

Cust
RETIREMENT PLANS
omer
Life C STUDENT LOANS
ycle
Dema
LIFE INSURANCES nd
Drive
n CAR LOANS

SAVINGS
MORTGAGES

3
BancaTakaful
Banca - History
• Started in France in the 80’s
– More than 60% of life policies sold through banks.
• Quickly spread to the rest of Europe
• Subsequently came to Asia
• Began in India in 2000
– Being practiced by a large number of Indian banks; both
state owned, private and foreign.
– Most insurance companies have linkups with banks.

4
BancaTakaful - Benefits

• Natural synergy between Bank and Takaful/Insurance


company.
• Banks have a very positive image vis-à-vis their
customers.
• Provides quick fee based income to the Banks.
• Enables Banks to further increase their offering and
ensure customers get all their financial needs met under
one roof.
• Further enhance customer loyalty as life
Takaful/insurance contracts are of a longer duration
5
BancaTakaful

Came to Pakistan
• Credit Covers on Credit Cards, etc. started in mid to
end 1990’s.
• Unit linked Banca offerings started in 2003.

• Family Takaful offerings were available from mid


2008.
• First Unit Linked BancaTakaful product launched
in mid 2009
BancaTakaful

Benefits to Pakistan
• Takaful provides Pakistani public with risk
mitigation which is line with their religious
sensitivities.

• BancaTakaful means they can access it through


channels they are used to and comfortable with.
BancaTakaful

Models & Results


• Different models:
– Bank Resources (dedicated/non dedicated)
– Insurance/Takaful co. resources

• Some of the bigger players are producing between


PKR 50 million to PKR 75 million per month
BancaTakaful

Conclusion
• Pakistani public needs Takaful.
– BancaTakaful could be the best and fastest way to provide it to
them.
• Pakistani banks need additional fee based income.
– BancaTakaful will provide this additional revenue stream.
• Takaful co. need additional channels to distribute
their products to such a large market.
– BancaTakaful will provide this channel
Jazak-Allah Khair

10

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