Meezan Bank, Pakistan’s first and largest Islamic bank has launched Meezan Kafalah, a Shariah-compliant alternative to Bancassurance, in collaboration with Pak Qatar Family Takaful Limited (PQFTL), the county’s largest Takaful provider.
Meezan Kafalah is a savings product through which customers can save money for their future plans such as the education, wedding of their child, going for Hajj, planning for old age or any other future needs. Meezan Bank offers competitive profits on this product, in addition to which the customers will also get Free Takaful coverage through Takaful Partner that in the case of the customer’s death during the savings period, the Takaful Partner will provide the funds needed for completing the savings for achieving the customer’s desired objectives. This new product, thus, offers a unique combination of saving, investment and protection.
A differentiating feature of Meezan Kafalah is the accumulation of 100% cash value from day one of the investment with flexibility and ease of exit from the plan without any penalty or charges. It provides an extra comfort to the customer that even in the case of an unfortunate event to their life; their financial objectives would always be covered.
The management of Meezan Bank has also launched a brief media campaign in order to create awareness about this one-of-a-kind product.