Investment in Pakistan. Qatar will continue

Qatar to invest in Pakistan

KARACHI: Qatar will invest millions of dollars in Pakistan. This was stated by Sheikh Ali Bin Abdullah Al-Thani, a member of Qatar Royal Family and chairman Board of Director Pak-Qatar Family Takaful and Pak-Qatar General Takaful.

He pointed out that Pakistan offers tremendous returns on investment and that his Group would further invest millions of dollars in different projects in Pakistan.

A statement here on Wednesday said that he expressed these views while chairing the Pak-Qatar Family Takaful and Pak-Qatar General Takaful's annual general meetings in Doha.

Meetings were attended by a large number of shareholders. These companies incorporated in Pakistan, are sponsored by major Qatari Financial Institutions, namely, Qatar National Bank, Qatar Islamic Bank, Qatar International Islamic Bank, Qatar Islamic Insurance Company, Masraf Al-Rayan and Amwal QSC. Besides these, FWU AG, a Munich based Takaful provider and Fawad Yusuf Securities (Private) Limited of Pakistan are among the major shareholders of PQFTL and PQGTL, respectively.

The other directors who attended the meetings included M/s Ali Abdullah Darwish, Abdul Basit Al-Shaibei, Izzat M. Al-Rashid, Said Gul, Chaudhry Muhammad Wasi, Zahid Hussain Awan, Dr. Manfred Dirrheimer and the chief executive officers (CEOs) of the two companies, Pervaiz Ahmed, of PQFTL and M. Vaqaruddin of PQGTL.

Chairman in his welcome address expressed his gratitude to the Government of Pakistan for granting the companies the certificate of registration to undertake Takaful business and further expressed his happiness on the recent political developments in Pakistan which will provide a better business environment in the country.

He also praised the achievements made by both companies so far.

The CEO of PQFTL, in his speech, said that Pakistan offers a tremendous potential for the Takaful companies and PQFTL is fully geared to tap the market potential by offering need based Shariah Compliant products and providing quality customer services.

The CEO of PQGTL, in his speech, said that infrastructure of the company has been set up and "we are in the process of organising a market force, which would market company products to the potential takaful participants".

In order to provide best possible service to the participants the company has implemented state of the art IT system from Malaysia.

Thereafter, shareholders approved the financial statements for the year ended 31 December 2007 and expressed their satisfaction and trust on the Board and the management of both the Companies on their steady progress. - APP