LAHORE: Current concept and practice of the insurance has hindered growth of this sector that can indeed lay foundation of a welfare society.
Problem is with the methodology; and not the concept itself. Takaful is the way that can unleash vastly untapped potential of insurance which is basically a collective risk bearing.
Mian MA Shahid, who is guru of insurance field taking a modest company to a group of multinational presence, gave insights and emphasised that Takaful windows ought to be opened in all insurance concerns on the pattern of Islamic banking windows working in almost all commercial banking companies.
He said image and credibility are primary traits in economic undertakings; and that can be achieved by designing insurance products in line with Islamic tenets. It would greatly boost image and social acceptability of insurance professionals.
Corporate social responsibility (CSR) is another area, which ensures that “haves” must share and contribute towards the society. Citing his experience, he said, we designed CSR practices with full involvement of our employees; and it paid dividends to all – society at large, customers, employees and the company. It is a win-win for all, so why not promote it willingly and happily, he asked.
Chairman of the United International Group (UIG) Mian Shahid has said that insurance has become an essential element which provides security to people and businesses hence strengthening economy and the society.
Insurance industry has a very positive impact on almost all sectors of society and economy and that there will be no real growth or development unless the insurance industry is strong and well-regulated, he said.
This is to clarify that a report published in the July 18, 2014 issue of Daily Times, titled ...