Meezan Bank and EFU General Insurance sign MoU for Takaful Coverage of Car Ijarah vehicles

December 28th, 2015

Meezan Bank, Pakistan’s largest and premier Islamic bank, and EFU General Insurance Limited, one of country’s leading insurance companies, offering Window Takaful Operations, have joined hands for Takaful Coverage of Car Ijarah vehicles. As per the agreement, EFU Takaful will provide coverage to the vehicles leased by Meezan Bank through its Shariah-compliant car financing service – Car Ijarah.

The MoU was signed by Mr. Ariful Islam, Deputy CEO, Meezan Bank and Mr. Hasan Ali Abdullah, Managing Director, EFU General Insurance Limited Window Takaful Operations, at Meezan Bank’s Head Office, Karachi. Mr. Irfan Siddiqui, President & CEO of Meezan Bank was also present at the occasion.

Speaking at the ceremony, Mr. Irfan Siddiqui said, “We are very happy that EFU’s name will now be included in the companies providing Takaful coverage for Car Ijarah. The powerful synergy created by Meezan Bank’s premium product Car Ijarah and EFU’s superior service standards will give Meezan Bank’s customers the best possible combination of convenience and security available in the country’s Auto Finance industry.”

Mr. Hasan Ali Abdullah said, “We are delighted to be partnering with Meezan Bank, which has the largest Islamic Banking branch network in the country and is one of the leaders in the Auto Financing sector in Pakistan. The agreement offers a great platform for the development of Takaful products, increasing coverage in the country, creating potential demand for Islamic financing products and offering a superior alternative to conventional insurance. We believe that this agreement will offer more to the society and is synchronized with the main aim of Takaful, namely mutual help for the common good.”