Jazz, EFU life introduce Takaful to broaden financial inclusion

ISLAMABAD, Feb 23 (Alliance News):Jazz, Pakistan’s leading digital operator has collaborated with EFU Life Assurance Ltd., the nation’s premier insurance company to introduce the industry’s first Takaful (Shariah-complaint) offering for its subscribers.
Through this collaboration, Jazz subscribers can opt for low-cost Takaful products with unique benefits including a health wallet, cancer protection, and coverage for female major medical illnesses, said a news release issued here on Friday.

In addition, the customer’s entire family will be able to utilize virtual healthcare benefits. Sharing his thoughts on the development, Kazim Mujtaba, Chief Commercial Officer at Jazz, said, “We are excited to partner with EFU Life to include a full suite of industry’s first Shariah-complaint products within a single program. Looking ahead, our goal is to further enrich this initiative by introducing additional products tailored to meet the diverse needs of our valued customers, especially those who need protection and support the most.”

Speaking about this development, Mohammed Ali Ahmed, CEO & MD, EFU Life, said, “EFU Life remains steadfast in its commitment to advancing financial inclusion initiatives that make a tangible difference in the lives of millions. Our collaboration with Jazz represents a pivotal stride in this journey, aligning with our shared vision to empower individuals and communities through accessible and impactful financial solutions.”
Aamir Khan, Commissioner Insurance, Securities and Exchange Commission of Pakistan (SECP), congratulated Jazz and EFU Life Pakistan for their initiative. He highlighted the significance of introducing Takaful Products through the telco segment, emphasizing that this innovative approach aligns well with the mass market’s higher acceptance of Takaful. Mr. Khan expressed SECP’s full support for the insurance industry’s digital and inclusive insurance initiatives.
The collaboration aims to increase the country’s insurance penetration and raise awareness of the benefits associated with education and health insurance. The program also seeks to create a visible social impact through financial inclusion and is in line with the government’s National Financial Inclusion Strategy.
The new Takaful offering is an extension of Jazz’s ongoing engagement with EFU Life which began with the launch of the ‘Hifazat Program’ in 2021. The Takaful program offers various plans serving the varying takaful needs of customers, with payments seamlessly deducted on a daily basis from the customer’s airtime balance, ensuring a hassle-free process.