Bank Alfalah Limited, one of the largest commercial banks in Pakistan partnered with the 5th Pillar Family Takaful Limited to sign an agreement to distribute the Hajj Savings plan, which will be supported by an end-to-end value chain that will facilitate customers to perform Hajj easily and comfortably. This structured savings solution is a disruptive and innovative product for people who wish to accomplish a significant religious milestone and undertake the sacred journey. The value chain, fully owned and operated by 5th Pillar Family Takaful and its sponsors, will ensure reliable and sustained services in Pakistan and Saudi Arabia and their dedicated teams will guide and support the pilgrims throughout their sacred journey.
The signing ceremony, held at the Bank Alfalah Head Office in Karachi, was attended by leadership from both organisations, including Atif Bajwa, President and CEO along with Mehreen Ahmed, Group Head, Retail Banking, Arqam Butt, Head Liability Products, Bancassurance & Investment Services, Asim Raja, Chief Commercial Officer of 5th Pillar Family Takaful. The ceremony was also attended by Abdul Aziz J. Burahma, Deputy CEO of 5th Pillar Holdings, who specially visited Karachi from Kuwait to participate in the ceremony on behalf of the Board of Directors of 5th Pillar Family Takaful. The event showcased the shared commitment of Bank Alfalah and 5th Pillar Family Takaful to distribute and deliver the Hajj Savings Plan, which is a unique product infused with religious significance and offers devout Muslims a pioneering solution to save and prepare for the sacred journey of Hajj effectively.
Mehreen Ahmed, Group Head of Retail Banking, added, “We are delighted to introduce this initiative as we partner with 5th Pillar Family Takaful to bring its customers innovative Hajj Saving Plans. This initiative will provide a complete package as a unique one-window solution for customers embarking on the holy pilgrimage. The traditional way of saving for Hajj is often utilising personal savings, selling assets or relying on donations from family and friends. This can be difficult and time-consuming and does not offer any flexibility if your circumstances change. The 5th Pillar Hajj Saving Plan, on the other hand, allows you to save for Hajj systematically and organised, making it a truly disruptive product offering.”
Nasar us Samad Qureshi, CEO of 5th Pillar Family Takaful, expressed his enthusiasm about this partnership, stating, “This strategic alliance allows us to expand our outreach, especially for offering Hajj saving plan to customers of Bank Alfalah across Pakistan backed by end-to-end value chain for facilitating the pilgrims both in Pakistan and in Saudi Arabia. We are committed to fostering long-term relationships based on trust, transparency, and togetherness.”
For more information, please visit https://5thpillartakaful.com/
