State Life Insurance Corporation (SLIC), Pakistan’s largest life and health insurer, has signed a Memorandum of Understanding (MoU) with Dubai Islamic Bank (DIB). This partnership will enable both organizations to offer hassle-free Shariah-compliant financial solutions to DIB customers nationwide.
As per the agreement, SLIC and DIB will jointly work on Life and Health Takaful plans for Roshan Digital Account (RDA) holders and collectively market the product to other areas such as in the GCC market where SLIC has a strong footing.
Moreover, this partnership will lay the foundation for collaboration in other areas such as General Takaful for assets, DIB employee health coverage, treasury bills, and Sukuks etc. for DIB customers as well. The signing ceremony was held at DIB’s Head Office in Karachi, which was attended by senior management from SLIC as well as DIB.
Speaking at the signing ceremony Mr. Shoaib Javed Hussain, Chairman State Life, said at the event, “it is pleasure to announce the partnership between State life and DIB an esteemed name in the Islamic banking industry, The State Life is a leading insurer in the country and is also backed by sovereign guarantee, With This collaboration with DIB, our focus is to reach a larger audience and create awareness about our innovative Takaful solutions, The partnership brings together two leading organizations of Pakistan with shared vision of ensuring inclusion and protection of people of Pakistan across all strata of society with the mutual goal of increasing economic activities in the country. I look forward to expanding this partnership to other products in the future; we see this step as a beginning of a successful partnership between the two corporate entities”.
Also addressing the occasion, Junaid Ahmed, CEO, DIB said, “State Life’s legacy of delivering high returns will now benefit our customers through Shariah compliant offerings. This collaboration will serve as a new beginning for both the organizations whereby multiple avenues of business and employee centric product offerings will be finalized”.