alhuda cibe- presentation on islamic banking & takaful by azeem pirani
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BancaTakaful in Pakistan
4th International Conf. & ExhibitionLahore – Nov. 2010
Azeem PiraniRegional Manager – Pakistan
FWU AG
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Contents•What is Banca?•History•Benefits•Coming to Pakistan•Benefits in Pakistan•Conclusion
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«Bancatakaful is defined as the delivery and distribution of a suitable range of tailored ‘bankable’ protection and long term savings and pension products designed to meet the lifecycle needs of the customer base of a bank or other financial institution.»
Customer Life CycleDemand Driven
STUDENT LOANS
LIFESTYLE SPEND
CAR LOANS
MORTGAGES SAVINGS
LIFE INSURANCES
RETIREMENT PLANS
ANNUITIES
What is Banca?
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BancaTakafulBanca - History
• Started in France in the 80’s– More than 60% of life policies sold through
banks.• Quickly spread to the rest of Europe• Subsequently came to Asia• Began in India in 2000
– Being practiced by a large number of Indian banks; both state owned, private and foreign.
– Most insurance companies have linkups with banks.
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BancaTakaful - Benefits
• Natural synergy between Bank and Takaful/Insurance company.
• Banks have a very positive image vis-à-vis their customers.
• Provides quick fee based income to the Banks.
• Enables Banks to further increase their offering and ensure customers get all their financial needs met under one roof.
• Further enhance customer loyalty as life Takaful/insurance contracts are of a longer duration
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BancaTakaful
Came to Pakistan• Credit Covers on Credit Cards, etc. started
in mid to end 1990’s.• Unit linked Banca offerings started in 2003.
• Family Takaful offerings were available from mid 2008.
• First Unit Linked BancaTakaful product launched in mid 2009
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BancaTakaful
Benefits to Pakistan• Takaful provides Pakistani public with
risk mitigation which is line with their religious sensitivities.
• BancaTakaful means they can access it through channels they are used to and comfortable with.
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BancaTakaful
Models & Results• Different models:
– Bank Resources (dedicated/non dedicated)– Insurance/Takaful co. resources
• Some of the bigger players are producing between PKR 50 million to PKR 75 million per month
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BancaTakaful
Conclusion• Pakistani public needs Takaful.
– BancaTakaful could be the best and fastest way to provide it to them.
• Pakistani banks need additional fee based income.– BancaTakaful will provide this additional revenue stream.
• Takaful co. need additional channels to distribute their products to such a large market.– BancaTakaful will provide this channel
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Jazak-Allah Khair
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