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CHAIRMAN'S MESSAGE

Dear friends,

This 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 likewise.


Best wishes

M. Shahnawaz Agha
Chairman & Chief Executive
Email: msa@beemapakistan.com

* The new insurance ordinance 2000 has since been promulgated in August of 2000.
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