Pak-Qatar Family Takaful CEO Waqas Ahmad Joins IAP Executive Committee

The Takaful industry in Pakistan has reached a pivotal milestone with the appointment of Waqas Ahmad, CEO of Pak-Qatar Family Takaful (PQFTL), to the executive committee of the Insurance Association of Pakistan (IAP). This significant development underscores the growth and increasing recognition of Takaful — the Islamic alternative to conventional insurance — within the country’s financial landscape. Ahmad’s inclusion in the IAP not only reflects his extensive experience and leadership in Islamic finance but also brings attention to the broader trend of Shariah-compliant financial solutions becoming more mainstream in Pakistan’s rapidly evolving economy.

Waqas Ahmad

Boasting a career that spans over three decades, Waqas Ahmad has established himself as a visionary leader in the fields of insurance and Takaful. Under his leadership, Pak-Qatar Family Takaful has grown to become one of Pakistan’s leading providers of Islamic financial solutions, offering a wide range of products that align with the values and needs of consumers who seek ethical, interest-free financial services. Ahmad’s role on the IAP executive committee is set to influence not only Pak-Qatar Family Takaful’s future direction but also the strategic development of the entire Takaful industry in Pakistan.

Speaking about his new role, Waqas Ahmad stated, “I am honored to represent Pak-Qatar Family Takaful and the wider Takaful industry on the IAP Executive Committee. This position will allow us to contribute meaningfully to the development and promotion of Shariah-compliant Takaful solutions in Pakistan that are technologically driven, innovative, and customer-focused.” Ahmad’s enthusiasm and commitment signal an exciting era of growth and innovation for the Takaful sector.

Pak-Qatar Family Takaful

Since its establishment in 2007, Pak-Qatar Family Takaful has played a transformative role in providing Sharia-compliant financial solutions. The company has made significant strides in promoting Takaful as an ethical alternative to conventional insurance. By focusing on customer needs and leveraging technological advancements, PQFTL has been able to introduce groundbreaking products that not only adhere to Islamic principles but also match the conveniences expected by modern consumers.

Pak-Qatar Family Takaful’s wide-ranging portfolio includes family Takaful plans, savings and investment policies, health Takaful, and protection schemes, all designed to cater to various segments of society. The company’s commitment to innovation, combined with its focus on technology-driven customer service, has enabled it to stand out as a leader in the Takaful market. These efforts are in line with the company’s vision of delivering value to all stakeholders in the Islamic financial sector, contributing to the growth and sustainability of Shariah-compliant finance.

The Influence of Takaful

Over the last decade, the Takaful industry in Pakistan has witnessed exponential growth, driven by increasing awareness, regulatory support, and a rising demand for Islamic financial products. According to a report by the Securities and Exchange Commission of Pakistan (SECP), the country’s Takaful sector has seen double-digit growth, showcasing its potential as a mainstream alternative to conventional insurance. This upward trend is not limited to Pakistan; the global Takaful market is projected to reach over USD 50 billion by 2027, indicating strong international demand for Shariah-compliant financial solutions.

Pak-Qatar Family Takaful has been a key driver of this growth within Pakistan. With its emphasis on digital transformation and customer-centric products, the company has successfully broadened access to Takaful solutions. To make financial protection more inclusive, PQFTL has adopted digital platforms for policy management, allowing customers to conveniently access and manage their Takaful plans online. Such initiatives have not only enhanced the customer experience but have also contributed to greater awareness and acceptance of Takaful as a viable financial option for Muslims and non-Muslims alike.

The demand for Islamic finance in Pakistan has been particularly strong due to its predominantly Muslim population, which values financial products aligned with Islamic principles of fairness, risk-sharing, and ethical investing. Takaful, which operates on a cooperative model where risks are shared among participants, provides a compelling alternative to conventional insurance, where risks are transferred to the insurer for a premium. This model resonates well with individuals seeking ethical financial planning and wealth protection options, further fueling the growth of the Takaful industry.

Related: Pak-Qatar Family Takaful Announces Waqas Ahmad as New CEO

IAP: Takaful in Pakistan

Established in 1948, the Insurance Association of Pakistan (IAP) has played an instrumental role in the development of the insurance and Takaful industry. The association represents the interests of insurers and Takaful operators in Pakistan, advocating for policies that foster growth, transparency, and best practices within the sector. Licensed by the Ministry of Commerce and registered with the Securities and Exchange Commission of Pakistan (SECP) as a Section 42 trade association, the IAP holds a prestigious position as a member of the Federation of Pakistan Chambers of Commerce & Industry.

The IAP is responsible for promoting and safeguarding the common interests of companies operating in the insurance and Takaful business. Its objectives include supporting the industry through policy advocacy, fostering collaboration among members, and working to raise awareness of the benefits of both conventional insurance and Takaful. With Waqas Ahmad’s addition to its executive committee, the IAP is set to strengthen its support for the Takaful sector, ensuring that Shariah-compliant solutions remain a priority in the association’s agenda.

Ahmad’s appointment is timely, as it reflects the broader shift in the industry towards embracing ethical and inclusive financial practices. By having a leader of his caliber on the executive committee, the IAP is expected to drive significant developments that will benefit both Takaful operators and their customers.

Pak-Qatar Family Takaful Vision

Pak-Qatar Family Takaful has consistently demonstrated a commitment to fostering innovation within the Takaful industry. By focusing on providing products that are both Shariah-compliant and aligned with modern consumer needs, PQFTL has established itself as a key player in promoting ethical financial solutions. The company’s emphasis on digital transformation has paved the way for more accessible and customer-friendly Takaful services, allowing it to cater to a diverse range of clients across Pakistan.

The appointment of Waqas Ahmad to the IAP executive committee is expected to amplify PQFTL’s efforts to drive awareness and adoption of Takaful in Pakistan. Ahmad’s leadership is anticipated to bring a fresh perspective to the IAP, especially regarding the integration of technology, customer-centric product development, and strategic partnerships that align with the growing demand for Shariah-compliant financial solutions.

The growing popularity of Takaful reflects a broader trend within the global Islamic finance market, which is expected to grow at a compound annual growth rate (CAGR) of 14% between 2021 and 2027, according to industry reports. As the sector expands, Pak-Qatar Family Takaful’s role in shaping and influencing the industry’s future becomes ever more critical.

The Future of Takaful

Waqas Ahmad’s appointment is more than just a personal achievement; it represents a larger movement toward the mainstream adoption of Takaful in Pakistan’s financial sector. His extensive experience and passion for promoting Shariah-compliant solutions are expected to enhance the IAP’s ability to support Takaful operators and encourage the growth of Islamic finance in the country.

Pak-Qatar Family Takaful’s vision aligns with the global push toward ethical finance, where transparency, risk-sharing, and customer empowerment are central tenets. By collaborating with the IAP and other industry stakeholders, PQFTL aims to drive the development of innovative Takaful products that address the diverse needs of Pakistan’s growing market.

With the global Takaful market poised for further growth, Ahmad’s role in the IAP’s executive committee is set to make a lasting impact on the Takaful industry, helping it achieve new heights and promoting a more inclusive, ethical financial future for Pakistan.