The Bank of Punjab (BOP) and State Life Insurance Corporation of Pakistan (SLIC) have signed Bancaassurance and Bancatakaful agreements in a ceremony recently held in Lahore at BOP Head Office. Mr. Shoaib Javed Hussain, Chairman SLIC, and Mr. Zafar Masud, President & CEO BOP were present at the ceremony. Senior officials from both organizations were also in attendance on the occasion.
This is a landmark agreement that marks a first for both organizations in terms of the Bancatakaful proposition.
While BOP is already offering various Bancassurance (conventional) products, it will be for the first time that a Takaful proposition is going to be offered from BOP Islamic branches as well as from Islamic windows of conventional branches. Similarly, this agreement marks the first bancatakaful agreement for SLIC, whereas SLIC is currently offering only conventional products with other partner banks.
Mr. Zafar Masud, President, and CEO of the Bank of Punjab said, “At Bank of Punjab we strive to provide world-class financial services to our customers across Pakistan. We do this through innovative products and excellence in customer service. We are pleased to enter into an agreement with State Life Insurance Corporation. This agreement is just the first step towards a long and strategic partnership between the two public sector entities which will be explored in much wider areas covering other economic and social ventures”.
Mr. Shoaib Javed Hussain, Chairman State Life, said at the event, “it is pleasure to announce the partnership between State life and BOP at the start of State Life 50th anniversary. The State Life is a leading insurer in the country and is also backed by sovereign guarantee. 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. We see this step as a beginning of a successful partnership between the two corporate entities”.
