KARACHI: EFU Life, a leading life insurance and family takaful operator, and EFU General,
a premier non-life/general insurance and takaful service provider, have teamed up with Bank
Alfalah, one of Pakistan’s largest banks with a network of over 1000 branches across 200
cities, to introduce “Alfa Transaction Insurance/Takaful by EFU”. This unique product
combines the benefits of both general and life insurance/takaful, addressing the pressing
need for comprehensive financial protection.
The introduction of Transaction Insurance/Takaful aims to safeguard financial transactions,
providing enhanced protection beyond traditional customer indemnity. Additionally, this
product offers term life/takaful benefits, ensuring complete financial security by paying a
defined amount in the event of a customer’s death due to any cause.
At the launch ceremony, Mr. Mohammed Ali Ahmed, the MD and CEO of EFU Life,
expressed his enthusiasm: “As a prominent insurance provider on the Alfa App, we are
thrilled to strengthen our partnership with Bank Alfalah by enabling them to offer top-tier
insurance/takaful coverages to their customers, including Transactional Insurance/Takaful.
This proposition holistically protects Alfa customers through innovative general and life
protection available on the Alfa App and underscores EFU Life’s commitment to digital
transformation, transitioning from traditional manual processes to automated, high-precision
systems.”
Mr. Syed Salman Rashid, Deputy Managing Director of EFU General, highlighted the
broader impact by quoting, “This initiative extends beyond just the bank and its customers; it
builds a bridge between insurance companies and their customers, fostering trust in
insurance providers. Financial stability is crucial, especially in today’s challenging times, and
Transaction Insurance is a product that will benefit all parties involved.”
Mr. Muhammad Yahya Khan, Chief Digital Officer Bank Alfalah Limited, “emphasized on
Bank Alfalah’s award winning Alfa App and the fact that new customers can digitally insure
their digital transactions; providing peace of mind to them. Bank Alfalah is committed to
continually expanding its innovative product suite to bring ease, security and convenience in
the lifestyles of its customers.”
