Karachi November 3, 2022, Insurance is a mechanism that can facilitate social mobility by allowing individuals and families to overcome shocks that can affect their wealth and future income-generating capacities.

The possibility of accessing insurance products and services may be the difference between individuals or families achieving the goal of social mobility or remaining in a situation of economic vulnerability.

According to damage estimations by Karandaaz chief risk officer Ammar Habib Khan and The Asia Group vice president Uzair Younus, Pakistan experienced $13 billion in economic loss and infrastructure damage due to the floods. Without financial inclusion tools such as insurance, Pakistani citizens bore the consequences of the floods.

To help every Pakistani benefit from the social mobility benefits of insurance, Pak-Qatar General Takaful Limited and Salaam Takaful Limited recently partnered with insurance technology (InsurTech) market leader Hefazat Technologies to introduce new products to give customers more flexibility in acquiring Takaful to protect their purchases.

Hefazat Technologies offers purchase protection, an extended warranty at the point of eCommerce checkout, and an income continuation plan. The business is launching in Pakistan in mid-November amid a rise in mobile snatchings, according to several hundred reported incidents on the VoC group on Facebook.

“It is great to have partners that share a common goal and vision,” said Ali Rehman, a founding team member at Hefazat Technologies. “Our desire to digitize Takaful and enable it in the consumers’ lives in a convenience-driven way is shared by the leadership at Pak Qatar. We look forward to building more innovative solutions with the team’s continued support at Pak Qatar to add value to the lives of consumers across Pakistan.”

Hefazat Technologies was founded by Kash Rehman, an American business magnate that has long supported the Pakistan start-up ecosystem. His notable investments include Lettus Kitchens, RoomShare, and Foodem.

Hefazat Technologies has recently onboarded several founding team members, including Danish Ahmed as the chief technology officer and Saeed Ansari as the head of strategic partnerships and alliances.

Ahmed has over 17 years of experience with big names such as K-Electric, Telenor Microfinance Bank Limited, TPL Rupiya, and Meezan Bank. Ansari has a decade of experience across Alibaba-owned Daraz, Kaymu, ECOM, and Sheep.

Karachi, October 14th, 2022 – As part of providing tailored solutions and unique value-added features for our customers, QistBazaar.pk a fintech start-up which has recently developed an e-commerce marketplace for electronics that customers can avail on installments, has signed an MoU with Pak-Qatar Family Takaful Limited (PQFTL). With this initiative, the company aims to provide additional benefits to its new customers that would impact their life along with the lifecycle. Hence, when a customer buys any product from QistBazaar.pk, they will get FREE 1-year Accidental Life Takaful Coverage of Rs.200,000 through Pak-Qatar Family Takaful along with unlimited FREE Doctor consultations for their family through Sehat Kahani app and Sehat Kahani tele-health helpline.

To mark the occasion, a ceremony was held at Qist Bazaar head office, Karachi, where the MoU was signed by Mr. Nasir Sheikh (Head of Marketing, QistBazaar.pk) and Mr. Zeeshan Haider (Head of Bancatakaful and Alternate Distribution, Pak-Qatar Family Takaful).

Mr. Arif Lakhani – Co-founder – Qist Bazaar said, “Qist Bazaar was founded on the principle of democratizing access to finance and the partnership with Pak-Qatar Family Takaful will further help the common Pakistani who in the past has shied away from Takaful and other financial products.”

Speaking on the occasion, Mr. Zeeshan Haider – Head of Bancatakaful and Alternate Distribution, Pak-Qatar Family Takaful said, “Through our collaboration with QistBazaar.pk, our focus is to instil a sense of security whenever someone buys anything from QistBazaar.pk by not only covering them with accidental life takaful but also with tele-medicine.””

Talking about the initiative, Mr. Nasir Sheikh – Head of Marketing at QistBazaar.pk said, “We are excited to start this new journey with Pak-Qatar Family Takaful by adding an accidental life takaful policy to protect our customers’ interests and by providing tele-medicine services for their families absolutely FREE of cost which would otherwise cost them a lot. QistBazaar.pk is committed to strengthening the services it offers and truly making a difference in the lives of its customers.”  

Furthermore, Mr. Azeem Iqbal Pirani – CEO, Pak-Qatar Family Takaful said, “We are glad to partner with Qist Bazaar as we believe in offering convenience to customers and these kinds of digital platforms and partnerships will not only create awareness but will also be very helpful in utilizing the technology at its best.”

The MoU looks to enhance consumer confidence with online marketplaces that is still in its development phase. Adding a feature such as this coverage policy builds the right direction for the Qist Bazaar’s promise to add value for its customers and benefits which other platforms are yet to introduce.