Karachi, October 10, 2023 – In a significant move, Faysal Bank Limited (FBL) and State Life Insurance Company (SLIC) have inked a collaboration agreement to provide Takaful operations.
The partnership formalizes the distribution of State Life’s takaful products through Faysal Bank, offering enhanced financial protection and savings options for customers.
The signing ceremony, attended by key executives from both organizations, was held recently, culminating in a distribution agreement that will allow FBL to offer State Life’s takaful products, with a particular focus on the State Life Tayyab Takaful Endowment Plan, at all its branches across Pakistan.
The agreement was signed by Ahmed Anwar Hemani, Head of Institutional Sales and Wealth Management of FBL, and Tariq Saeed Chaudhry, Chief Takaful Officer of SLIC, in the presence of FBL’s Head of Retail Banking, Mr. Jaudat Hussain, and SLIC’s Executive Director, Mr. Muhammad Izqar Khan.
Yousaf Hussain, President and CEO of FBL, expressed his enthusiasm about the collaboration, stating, “Our partnership with State Life for their Takaful Endowment Plan is an important addition to our long list of initiatives. Moreover, this agreement will provide yet another benefit to our valued customers who are an integral part of our rapidly growing bank. This agreement will also enable our business community to know about the products, services, and opportunities we keep on tailoring for them.”
Shoaib Javed Hussain, CEO of SLIC, also emphasized the significance of this partnership, saying, “I am pleased to announce this partnership between two prominent organizations of Pakistan. This joint effort reflects a shared commitment to enhancing inclusive financial protection across diverse segments of Pakistani society, aligning with the common vision of fostering economic activities and promoting a savings culture in the country.”
He added, “The collaboration brings benefits of best-in-class savings and protection products to Faysal Bank’s valued customers and represents a significant step towards offering Shariah-compliant takaful solutions to the people of Pakistan.”
This partnership between Faysal Bank and State Life Insurance is expected to provide customers with more accessible and comprehensive Takaful offerings, contributing to the development of financial services in Pakistan and promoting a culture of financial protection and savings among the populace.
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