Window Takaful Operations of SLIC formalised a distribution agreement with Faysal Bank Limited (FBL) during a ceremony held recently, a statement said on Wednesday.

The signing ceremony was witnessed by Mr. Yousaf Hussain, president and chief executive officer (CEO) of FBL, and Mr. Shoaib Javed Hussain, CEO of SLIC. Mr. Jaudat Hussain, head of Retail Banking, FBL, and Mr. Muhammad Izqar Khan, executive director of SLIC, were present on the occasion.

Mr. Ahmed Anwar Hemani, head of Institutional Sales and Wealth Management of FBL, and Mr. Tariq Saeed Chaudhry, chief takaful officer of SLIC, signed the agreement, in the presence of senior officials from both organisations.

This distribution agreement signifies that State Life’s takaful products, particularly the State Life Tayyab Takaful Endowment Plan, will now be accessible to all FBL customers at every branch across the country.

Mr. Yousuf Hussain said: “Our partnership with State Life for their Takaful Endowment Plan is, in fact, 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.”

Mr. Shoaib Javed Hussain said: “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 the Pakistani society; aligning the common vision of fostering economic activities and promoting a savings culture in the country.”

“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,” he added.

About Faysal Bank Limited:

Faysal Bank Limited (FBL) was incorporated in Pakistan on October 3, 1994 as a Public Limited Company under the Companies Ordinance, 1984. The Bank’s shares are listed on Pakistan Stock Exchange.

FBL is a complete Islamic bank engaged in Commercial, Retail and Corporate Banking activities. Faysal Bank’s footprint spreads over more than 270 cities and has a network of 700 Islamic banking branches.

FBL is operating as a Commercial Bank and State Bank of Pakistan has recently issued an Islamic Banking license making it the second largest full-fledged Islamic bank in Pakistan. Faysal Bank carries on banking business activities in line with the Banking Companies Ordinance, 1962.

About State Life Insurance Corporation of Pakistan:

State Life Insurance Corporation of Pakistan, established in 1972, stands as a pillar of reliability and excellence in the insurance industry. With a commitment to securing the future of individuals and families nationwide, SLIC’s comprehensive range of insurance products caters to diverse needs.

With 69% of market share, the corporation’s total premium sales witnessed a growth of 67% year-on-year in 2022, while the new business sales incurred a staggering growth of 143%. This growth makes SLIC the leader in the industry and one of the most successful state-owned entities which is continuously adapting to meet evolving needs of Pakistanis.

State Life has also started its Window Takaful operations from January 2021, to provide Shariah Compliant protection solutions to its customers. For more information about State Life, please visit statelife.com.pk.