In a first, Pakistani Shariah-compliant insurance provider introduces instant withdrawal facility

KARACHI: The Pak-Qatar Family Takaful Limited (PQFTL), a leading Pakistani Shariah-compliant family insurance provider, has introduced instant withdrawal facility for its customers, the company said on Monday, adding that this is the first time that a takaful operator in Pakistan had offered such a facility.
The PQFTL is a technology-driven Shari’ah-compliant company providing innovative takaful (insurance) solutions since 2007, according to the Pakistan Credit Rating Agency (PACRA).
The PQFTL said the new service would allow participants to withdraw partial funds in case of emergencies with ease and instant access through the company’s mobile app or its online portal.
“Our strategic approach not only enhances our end-to-end service delivery but also aligns with our vision to provide innovative and customer-centric financial solutions,” Waqas Ahmad, CEO of the PQFTL, said in a statement.
“We believe this facility will greatly benefit our participants by providing them with unprecedented ease of access to their funds.”
This integration will enable participants to easily draw their funds, enhancing convenience and accessibility for the users, according to the company.
“This unique facility represents a significant step forward in the evolution of Islamic financial services in Pakistan, providing customers with more flexibility and control over their financial assets,” it said.
“PQFTL remains committed to driving innovation and excellence in the Islamic financial services industry and this initiative is a display of PQFTL’s dedication to prioritizing customer satisfaction and convenience.”