ISLAMABAD Sept 05 (TNS): National Bank of Pakistan (NBP) Aitemaad Islamic Banking, EFU Life Insurance Hemaya have inked Memorandum of Understanding (MoU) to sell Takaful products.
A signing ceremony was held between NBP Aitemaad Islamic Banking and EFU Hemaya at NBP Head Office.
The ceremony branded ‘Building Partnership’ was held in the presence of Mr. Saeed Ahmad, President & CEO of National Bank of Pakistan, and Mr. Taher G.Sachak, MD & CEO of EFU Life Insurance along with other senior officials from both organizations.
Through this arrangement EFU Hemaya representatives will sell takaful products to NBP Customers through NBP Branches nationwide. Takaful is the Shariah complaint alternate to conventional insurance, where members contribute their money into a pooling system which guarantees all contributors against individual losses and damage.
Speaking at the ceremony, Mr. Taher G.Sachak CEO EFU Life Insurance said “Bancatakaful is the commencement of a new chapter in the Shariah compliant market and a means of strategically penetrating through the industry that has witnessed prodigious growth in Pakistan itself. We are confident that along with NBP Aitemaad, our top quality services would create room for business longevity through the newly established platform of trust.”
Mr. Saeed Ahmad, President and CEO of National Bank of Pakistan (NBP), emphasized the importance of Takaful (Shariah Complaint alternate to insurance) in the growth of Islamic Finance industry.
He mentioned that we have a long term business relationship with EFU life insurance. He highlighted the main concern of the Insurance industry regarding pressure selling where by insurance sales agents sell products forcefully to customers to meet their targets. He specifically mentioned that such an approach should not be practiced in NBP branches.
He further emphasized that this partnership between NBP and EFU will help in building long term relationship with our valued customers. Mr. Saeed Ahmad emphasized up on the importance of NB introducing fee generating business. He stated that this will be successful only when quality of services rendered by our staff exceeds the expectations of our clients. He advised the sales team to build long term relationship with customers rather than a single transaction based.
Speaking on the occasion, Head of Islamic Banking Group, Mr. Khawaja Muhammad Aminulazam mentioned that “Bancatakaful arrangement will provide National Bank of Pakistan the opportunity to meet Family Takaful requirements of its customers. He further said that through this partnership, we combine the expertise of one of the leading insurance company with our extensive branch network, to offer our branch customers’ convenient solution to their family takaful needs”.
The agreement was signed by Mr Sarfaraz Ahmed Senior Vice President from NBP and Mr. Taher G. Sachak MD & CEO EFU Life Insurance.