UNDER COVID -19 TEST TAKAFUL/ CONVENTIONAL INSURANCE INDUSTRY NEEDS DIGITAL LIFELINE.

• Author: Ahmed, Khalil
• Position: Muhammad Nasir Ali Syed, CEO of Pak-Qatar General Takaful Ltd., talks about the advancement of digital medium - Interview

Byline: KHALIL AHMED

P AGE: Tell me something about yourself and your organization, please: Muhammad Nasir Ali Syed: I am vision-oriented person and have a clear purpose of life and I try to maintain balance in life. We are answerable to almighty Allah and have to spend life according to the guidance and directions given by our creator. My parents have been a great source of motivation and I try my level best to follow their professional approach and positive traits.

Alhamdulillah, I have over twenty-seven years of experience in the rich diversified areas viz. Group Operations, Individual Operations, Claims, Reinsurance/Retakaful and Corporate Distribution of Life Insurance and Takaful Industry of Pakistan. I started my career as a Life Underwriter with American Life Insurance Company (Pakistan) Ltd (ALICO) as a founding member in June 1995.

Then moved to Commercial Union Life Assurance (CU), where I strived to build the foundation of Group Health and Claim Operations. After assuming multiple senior level positions in New Jubilee Life Insurance, I joined Pak-Qatar Family Takaful Limited as Head of Operations in 2007. Being the founding member of Pak-Qatar Family Takaful Limited, I shared my experience and knowledge to build the foundation of Pakistan's First Family Takaful Company's Operations. I worked as Chief Executive Officer of Pak-Qatar Family Takaful Ltd from September 2012 till February 2020.

I joined Pak-Qatar General Takaful Limited (PQGTL) as Chief Executive Officer in March 2020. Pak-Qatar General Takaful is a part of Pak-Qatar Takaful Group. Pak-Qatar Takaful Group is Pakistan's pioneer and the largest Takaful group with over a decade of operational excellence and 120+ branches all over the country. I am proud to be a part of Takaful industry. Takaful is a Shariah compliant alternative to conventional Insurance.

In the current age, the need and importance of Insurance cannot be overlooked, but the current principles and practices used in insurance are against the teachings of our religion. Islamic scholars have deliberated over this matter for years and devised the concept of Takaful. It will not be possible for me to summarize that effort of years within few lines, but briefly we can say that the three elements which are forbidden in any sales-purchase agreement namely Riba (interest), Qimar/Maysir (gambling) and Gharrar (uncertainty) are avoided in Takaful (Tabbaru Agreement) by creating a model on the principles of Tabarru...