message is to reach out to you and explain why you should only
think in terms of us. Traditionally all economies of the world
rest on the healthy functioning of four economic pillars: banking,
insurance, cooperatives and infrastructure-bonds. Pakistan was
not an exception to the rule until awareness set-in, with the
demand of our ideology, inflicting the operations of all these
four activities. While banking has made commendable progress
and the evolutionary cycle is fairly primed, insurance the fail-free
pillar remains incapacitated.
Here at BEEMA-PAKISTAN we take great pride in having initiated
a process towards Islamization of insurance in Pakistan. We
call this "Real insurance". We believe, that “life
and property of the UMMAH must be protected by the UMMAH".
In line with our belief, we have therefore engineered a mechanism
through which we re-insure our domestic risk at home. More,
we use the re-insurance pool to assume cross border risk just
as much. This enables the insurance industry to become an export
revenue earner and also enables (multi-currency based) resource
mobilization for Pakistan.
Here is a serious challenge for a defeated industry stagnating,
under an Act of 1938* to spring back to the forefront of the
insurance concept. We now hope to address the new millennium
providing directional leadership globally.
We have not stopped here. We have taken ‘evaluation’
and ‘securitization’ as an integral part of risk
assumption. This activity provides a very futuristic money management
technique and in all cases ‘real asset’ based synchronization.
Risk assumed, is first evaluated, securitized and then reinsured.
There cannot be a safer way to protect, and therefore no better
company to insure with! While our doors remain open to freely
share our knowledge base, in the true Islamic spirit, we expect
and request all the recipients of this message to reciprocate
M. Shahnawaz Agha
Chairman & Chief Executive
new insurance ordinance 2000 has since been promulgated in August