- Takaful gains momentum with rising demand for ethical financial solutions, supported by regulatory frameworks and innovation
- PQFTL pioneers innovation and customer-centric solutions in Pakistan’s Takaful sector, setting benchmarks in ethical finance
Interview with Mr Waqas Ahmad — CEO, Pak-Qatar Family Takaful Limited (PQFTL)
Profile
Waqas Ahmad has a distinguished career marked with significant achievements in the Takaful and insurance industry, spanning over three decades. His expertise spans across various areas, including Operations, Technology, Strategy and Business planning. Throughout his career, he has demonstrated a strong track record of success in Life Insurance/Takaful underwriting, servicing, product development, re-Takaful arrangements, digital transformation and establishing new Takaful ventures.
Mr. Waqas Ahmad has held various roles, including Chief Operating Officer (COO) at PQFTL, where he honed a deep understanding of the company’s operations and values. He also served as Executive Director at Salaam Takaful, where he spearheaded the launch of a Takaful Company. Additionally, he was a founder member of the Operations Team at Al Rajhi Takaful Saudi Arabia, where he successfully established and launched Life Takaful operations.
He is a certified Director from ICAP, holds a Post-Graduate Diploma in Islamic Finance (PGD), an MBA in Marketing, and is a Fellow of the Life Management Institute (FLMI) and an Associate of Customer Services (ACS) – Insurance.
PAGE: What do you think about the growth prospects of the Takaful sector?
Waqas Ahmad: Takaful sector has been gaining considerable popularity in Pakistan. The Takaful industry is expanding due to increased awareness and demand for Shariah-compliant financial solutions that offer savings and protection. This growth is supported by favourable regulatory frameworks and a growing population seeking ethical financial solutions. Progress in technology is also playing a key role in enhancing the accessibility and efficiency of Takaful products and services, allowing Takaful operators to reach a broader audience and streamline operations. Takaful industry is expected to grow further as more individuals and businesses recognise its benefits.
PAGE: Tell us about Pak-Qatar Family Takaful’s journey since inception?
Waqas Ahmad: Pak-Qatar Family Takaful Limited (PQFTL) is a pioneer in Pakistan’s Takaful industry since its inception in 2007, being the first company to introduce Shariah-compliant financial solutions in the country. Over the years, PQFTL has set numerous industry benchmarks. In 2007, we were the first company to introduce Family Takaful in Pakistan by offering all Family Takaful products for consumers and corporates through almost all distribution channels. Our focus remained on serving customers through Shariah-compliant innovative products and services through technology.
Recognised for its excellence, PQFTL has received multiple awards, including the ‘Leading Takaful Company’ award in 2024. The company has settled claims exceeding PKR 11 billion since inception, reflecting its financial strength and commitment to our participants. We are the first and only Family Takaful operator to share surplus with our participants from the beginning, giving back to those who matter most — our participants and surplus is the real fruit of Takaful. Our mainstay focus has always been on innovation and customer experience, and PQFTL continues to shape Islamic finance in Pakistan, continuously striving to provide comprehensive financial protection through innovative Takaful solutions.
Technology is the main stay for our future direction, whereby we are working on some new technological solutions, that will not only enhance customer experience, but will also provide easy access to Shariah-complaint financial solutions.
Q3: Explain the categories in corporate Takaful. What sets it apart from other Takaful services?
Waqas Ahmad: Corporate Takaful services are tailored to meet the specific needs of our corporate clients, and they differ from individual Takaful primarily in scale and complexity. Our Corporate Takaful services include Group Family Takaful (Life Takaful) and Group Health Takaful, each designed to provide financial protection to our clients’ employees.
Group Health and Family Takaful provides health and life coverage for employees respectively, which is an important part of a company’s benefits. Recently, we have launched Group saving and provident fund product for corporates giving us the edge to provide a complete set of products to our corporate customers. We have digital services for our clients through client portal and Elaaj app.
PAGE: What steps have you taken to enhance the experience of your customers with your products and services?
Waqas Ahmad: We are always striving hard for an enhanced customer experience with our products and services and have implemented several initiatives focused on convenience and personalisation. In addition to day-to-day services through our LoB wise customer service teams, we have established a dedicated customer experience function to gauge and continuously improve services to meet ever changing customer expectations.
In addition to our existing products for consumers, we launched 100% allocation product Mahana Bachat Takaful plan last year, ensuring that your contributions work entirely for your benefit and you are at break-even from day one. Recently, we have offered an enhanced version of this product with better coverage and huge discounts on our Health, motor and other products for our existing valued participants. We are offering the first Voluntary Pension Scheme by a Takaful operator in Pakistan, differentiating us from other insurers.
To better facilitate our customers, we are always exploring ways and steps to integrate technology into our operations, whether it is the development of user-friendly mobile applications or online portals. These platforms provide our customers to easily access their policy information, make payments, or submit claims. We are currently implementing a state-of-the-art CRM and centralised call center to remain actively in touch with our customers to serve them seamlessly. We also have pioneered an instant withdrawal facility for our customers, enhancing accessibility to their funds in saving products.
PAGE: What measures have you taken to make your products more customer-friendly?
Waqas Ahmad: To make our products more customer-friendly, we have focused on customisation while making our product benefits customer-centric. We have introduced flexible coverage options that allow customers to tailor their Takaful plans to fit their specific needs and financial situations. This includes offering different levels of coverage and payment plans, so customers can choose products that work best for them. Additionally, we have simplified the language and structure of our policy documents to make them easier to understand, ensuring that clients are fully aware of their benefits and obligations. By focusing on technology and digital customer journey throughout the term of the plan, we aim to make our products accessible and appealing to a wider range of customers.
As an organisation that believes in bringing value to our customers, we are focused on product innovation and introducing benefits that are customer-centric, a practical example is to offer high allocation saving plans according to customer needs.
PAGE: Describe the major trends in the Takaful field?
Waqas Ahmad: Several trends are shaping the industry’s future, among which, one significant trend is the increasing integration of technology, which is transforming how Takaful services are delivered. This includes the use of mobile apps and online portals to facilitate customers with all relevant services from policy management to claim submissions, making these services more accessible and efficient for the users. I personally feel this trend to be more relevant to Takaful being transparent, Shariah-compliant and ethical offerings for customers.
As awareness and demand for Takaful products and services grow, customers are seeking personalised and flexible Takaful coverage, as they look for benefits that align with their specific needs and lifestyle. These trends are driving innovation and growth in the Takaful sector, positioning it to meet the evolving needs of customers.
PAGE: Tell us about the government’s support for the Takaful sector?
Waqas Ahmad: The government plays a very important role in supporting the Takaful sector through regulatory frameworks that encourage growth and ensure compliance with Shariah principles. The Securities and Exchange Commission of Pakistan (SECP) has been instrumental in creating a conducive environment for Takaful operations by implementing regulations that promote transparency, fairness, and consumer protection. SECP through their five-year plan ‘Insured Pakistan’, has given a due focus to Takaful by making a vision to increase Takaful contribution by 30%.
Additionally, the government often supports awareness campaigns to educate the public about the benefits of Takaful, helping to increase its adoption. These efforts are vital for a stable and competitive market that can attract both local and international investors, ultimately contributing to the sector’s expansion and development.
PAGE: What kind of strategy would you formulate for collecting firm evidence in different types of claims? How would this evidence contribute to making a final claims decision?
Waqas Ahmad: Just to briefly answer this question, we have meticulous and thorough processes in place for the submission, processing and settlement of claims in all areas i.e. death/disability, living benefits and health claims. Our process includes collection of all the necessary documentation such as claim forms and/or medical reports, depending on the requirement based on each situation. Our relevant teams are thorough in verifying the authenticity of these documents to ensure that the information provided is accurate. In certain complex cases, we are also equipped with a team of experts, like doctors, who provide additional insights that help in making the right decisions. The verification process depends on the nature and type of claim and can be done electronically through emails and phone calls or can be done by physical visits. In more complex cases, we even hire services of external investigators as well to gather evidences.
PAGE: Share your views on the progress of Takaful in Pakistan:
Waqas Ahmad: The progress of Takaful in Pakistan has been notable, with the sector experiencing steady growth driven by increasing awareness and demand for Shariah-compliant financial solutions. The regulatory support from the Securities and Exchange Commission of Pakistan (SECP) has been pivotal, providing a framework that encourages transparency and consumer protection, which has helped build trust in Takaful products. Takaful operators are now leveraging technology to enhance customer experience and reach a wider audience, which is further enhancing growth.
Recent growth in Islamic Banking in Pakistan and conversion of conventional banks to Islamic banks in light of a recent Islamic court decision in next 3- 5 years is a natural growth indicator for Takaful and future increase in Islamic banking transactions will be positive for Takaful market also.
As the market matures, there is a growing focus on product innovation, ensuring that Takaful products are competitive and meet the evolving needs of consumers. Takaful sector in Pakistan is on a positive growth trend, with significant potential for future expansion.