Lahore, March 11, 2023 (PPI-OT):
5th Pillar Family Takaful is an initiative taken by eminent Kuwaiti and Pakistani business houses to offer Hajj and Umrah takaful saving plans to middle and low middle income Muslims especially from Pakistan supported with an end to end value chain to facilitate the customers in Pakistan and in Saudi Arabia throughout pilgrimage.
The company aspires to become the leading Takaful player in the country through innovative Takaful products for its customers while complying with Shari’ah guidelines and globally accepted best practices. A few renowned groups; Kuwait International Investment Company (KIIC), 5th Pillar Holdings representing IFA group of Kuwait, Muhammadi family and associates are shareholders.
The shareholders have a strong commitment towards the company, as reflected by their upfront equity injections. IFA Group is leading a consortium of 10 listed Kuwaiti companies with total market capitalization peaked at USD 6.6bln.
The largest shareholder of Kuwait International Investment Company (KIIC) is Kuwait Investment Authority (KIA) which is a Government of Kuwait owned sovereigns investment entity having AUMs of USD 800bln.
The sponsors consider Pakistan to be a strategic market for its business and sees growth opportunities. A strong governance structure has been put in place and a professional management team has been assembled. The team will also strive to develop innovative saving products that will be tailored to meet the needs of its customers and may include: children education plans, marriage savings plans, retirement and pension plans, group life and pay continuation.
The Company will be focusing on cutting-edge technology and digital marketing to reach out to customers, resulting in increased customer engagement and loyalty. The performance of the company will be unfolding in future, which is essential for future ratings.
The ratings are dependent on the continued tangible support and guidance from the key sponsors. The successful unfolding of the model is of absolute necessity. The equity of the company needs to be kept liquid and in safe investment avenues.
For more information, contact:
Analyst,
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore, Pakistan
Tel: +92-42-5869504-6
Fax: +92-42-5830425
Email: hammad.rashid@pacra.com
Website: www.pacra.com
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