BankIslami, one of Pakistan's fastest growing Islamic banks, has signed a strategic cooperation agreement with Pak-Qatar Family Takaful Limited (PQFTL) and FWU AG.

BankIslami CEO, Hasan Aziz Bilgrami, emphasised that the agreement will lay the foundation for BankIslami to launch Pakistan's first Shariah-compliant Bancassurance (BancaTakaful) products.

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

Pak-Qatar Family Takaful, the pioneers of Family Takaful in Pakistan, is sponsored by some of the strongest financial institutions in the State of Qatar. The company is offering need-based Takaful products and rapidly expanding its distribution network across the country. "This is a step forward towards realizing our vision of providing financial protection to everyone through Takaful", stated P. Ahmed, CEO of PQTFL, at the signing ceremony.

The FWU Group has its Headquarters in Munich and is a recognized Global Leader in Takaful expertise, winning six Takaful Industry Awards in the past 2 years. It facilitates distribution of Family Takaful and Unit linked savings products via a web-based point of sale and administration system. Its international Takaful network includes offices in Karachi, Dubai, Kuala Lampur and Luxembourg.