AGREEMENT SIGNED TO PUSH ISLAMIC INSURANCE IN PAKISTAN

Karachi-based Takaful Pakistan Ltd, Al-Zamin Leasing Modaraba and Anchor Capital International (Pvt) Ltd have signed an agreement to launch and promote Takaful insurance products and services in Pakistan, according to a joint press release. As part of the deal, the office premises of Al-Zamin Leasing Modaraba will open dedicated counters, which will be occupied by staff of Anchor Capital International, which is a registered franchisee of Takaful Pakistan Ltd. In the middle of last month Takaful Pakistan, which was incorporated in June 2006 and which began operations in December of that year, signed a memorandum of understanding to offer Islamic insurance services to the customers of locally based Al Barka Islamic Bank. Takaful Pakistan has announced plans to open 25 branches in 10 Pakistan cities by the end of 2009,with the aim of capturing 5% of the total market. The majority of policies issued are likely to be motor cover, the company has said.