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Meezan Bank and Takaful Pakistan sign agreement!

July 13th, 2009

Meezan Bank Ltd and Takaful Pakistan have signed an agreement whereby all customers of Meezan Bank’s Labbaik scheme will be provided with Shari’ah-compliant credit Takaful coverage. Mr. Irfan Siddiqui President & CEO Meezan Bank Ltd and Capt. Jameel CEO Pakistan Takaful Ltd. signed the Takaful Agreement at a ceremony in Karachi today.

According to the agreement, all Labbaik installment customers of Meezan Bank will be provided credit Takaful coverage on very special rate. In case of natural death, accidental death, permanent total disability or insolvency after performing Umrah and hajj, Meezan Labbaik customer’s outstanding installments will be paid by Takaful Pakistan.

Meezan Bank Ltd and Takaful Pakistan are also planning to launch another product for the betterment of less privileged class of society, like hospitalization facility to small savers etc

Speaking on the occasion, President & CEO Meezan Bank Ltd. Irfan Siddiqui said that Meezan Bank has always focused on coming up with Halal Riba-free products and innovative facilities for its customers and the Takaful arrangement with Takaful Pakistan is another step in the direction of making Islamic Banking the banking of first choice.

Capt. Jameel CEO Pakistan Takaful Ltd said I am delighted to sign the Takaful agreement with the country’s pioneering Islamic bank, which will pave the way for numerous benefits for its customers.

Meezan Bank has successfully completed its 7th year of operations as a commercial bank and presently has 166 branches in 40 cities across Pakistan. All branches are ‘on-line’ and are supported by state-of-the-art 24/7 Banking services to all its customers, which include over 140 ATMs, Internet Banking and Call Center that operates 24 hours a day seven days a week.