KARACHI, Nov 3: BankIslami signed a strategic cooperation agreement with Pak-Qatar Family Takaful Limited (PQFTL) and FWU AG on Monday.

Hasan Aziz Bilgrami, CEO BankIslami said the agreement will lay the foundation for the bank to launch Pakistan’s first Shariah compliant ‘Bancassurance’ (BancaTakaful) products in the country.

These products will provide families with long-term savings and protection plans, specifically catered to fulfil their future needs such as marriage and higher education for children, and financial independence and security after retirement.

The FWU Group, based in Munich, is recognised global leader in takaful expertise winning six takaful industry awards in the past 2 years.

BankIslami with its target of over 100 branches by the end of 2008, also has a Shariah compliant product menu, which is certified by the distinguished Shariah Supervisory Board headed by Justice (retd) Mufti Muhammad Taqi Usmani.

Pak-Qatar Family Takaful is sponsored by some of the strongest financial institutions of Qatar.