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Meezan Bank and Pak-Kuwait Takaful Company Limited launch joint promotion of Takaful and Car Ijarah

April 14th, 2008

Meezan Bank, Pakistan’s first Islamic Bank and Pak-Kuwait Takaful Company Limited (PKTCL), Pakistan’s first Islamic Insurance Company have initiated a joint promotion campaign on Car Ijarah and Takaful respectively. This is the first ever-strategic alliance between Meezan Bank and a Takaful Company to promote their product offering as a combined package for Meezan Car Ijarah customers.

Every new Meezan Car Ijarah customer will be provided with free tracker facility along with a comprehensive Takaful. The joint product offering features the combined competitive advantages of both institutions to make available a strong and unique Islamic Car Financing & Takaful proposition. The salient details to this package include:

Meezan Car Ijarah Features

  • All new, used local and imported vehicles can be financed
  • Competitive monthly rentals
  • Lowest upfront payment
  • Lowest monthly Security deposit as low as 10%
  • First rent after delivery of vehicle
Pak-Kuwait Tracker Takaful Features
  • Comprehensive Takaful (insurance) cover
  • Free Tracker
  • 24/7 vehicle monitoring through Satellite Tracking System
  • Prompt settlement of claims

Meezan Bank Limited is the first and largest Islamic Bank of Pakistan with a 100-branch network presence strategically spread across 31 major cities in the country. The Bank has a cumulative annual growth rate of 60% over a period of 5 years and currently enjoys 40% market share in the Islamic banking industry. Meezan Bank has established a strong and credible management team comprised of experienced professionals, which have achieved a strong balance sheet with excellent operating profitability, including a capital adequacy ratio that places the Bank at the top of the industry.

Pak Kuwait Takaful Company Limited is the first islamic insurance company in Pakistan making it the most experienced and financially strong Takaful operator. Pak-Kuwait Takaful believes in promoting the cause of Takaful as well as promoting the insurance business in a Shariah Compliant way all over Pakistan. With an initial paid up capital of Rs. 250 million and an authorized capital of Rs. 500 million, along with the financial strength and backing of our foreign and local equity partners.