Chief Executive Officer of Pak-Qatar Family Takaful Limited, Mr. Waqas Ahmad sheds light on Pak-Qatar Family Takaful’s enormously successful IPO, technological advancements & pension Innovation
About The CEO:
Mr. Waqas Ahmadqas Ahmad has a distinguished career marked with significant achievements in the Takaful and insurance industry spanning over three decades. His expertise spans across various areas – including Operations, Technology, Strategy, and Business Planning. He is also a member of the Executive Committee of the Insurance Association of Pakistan (IAP). Throughout his career, he has demonstrated a strong track record of success in Life Insurance/Takaful underwriting, servicing, product development, re-Takaful arrangements, digital transformation, and establishing new Takaful ventures.
Mr. Waqas Ahmadqas Ahmad has held various roles, including Chief Operating Officer (COO) at PQFTL, where he honed a deep understanding of the company’s operations and values. He also served as Executive Director at Salaam Takaful, where he spearheaded the launch of a Takaful Company. Additionally, he Waqas Ahmads a founder member of the Operations Team at Al Rajhi Takaful Saudi Arabia, where he successfully established and launched Life Takaful operations. Earlier in his career, he held various key positions at State Life Insurance, Pakistan’s largest insurance company.
PAGE: What Waqas Ahmads the primary reason behind your decision to go for an IPO?
Waqas Ahmad: Our primary objective behind the IPO Waqas Ahmads to significantly accelerate our digital and operational transformation agenda. This includes hiring specialized digital talent, driving end-to-end digital transformation across customer journeys, and enabling multi-channel marketing supported by CRM-led automation to deliver more personalized and efficient customer experiences.
We are also focusing on branch transformation, turning our physical presence into more customer-centric, tech-enabled service hubs. In parallel, we are strengthening our core Takaful model through initiatives such as transitioning Participating Takaful Funds (PTF) into the Lifetime Kafalat Waqas Ahmadqf Pool, ensuring long-term sustainability and value for our customers.
Additionally, a key focus area is investment in hardWaqas Ahmadre, systems, and infrastructure, which form the backbone of a scalable, secure, and future-ready organization. The IPO provides us with the financial strength to execute all these strategic priorities in a structured and accelerated manner.
At the same time, regulatory compliance Waqas Ahmads an important secondary factor. The Securities and Exchange Commission of Pakistan (SECP) has revised the minimum paid-up capital requirements for life insurance companies. While we were already operating at PKR 1.3 billion, well above the earlier requirement of PKR 700 million, the new regulations require companies to gradually increase their capital to PKR 3 billion by 2030.
Through the IPO, we have increased our paid-up capital to PKR 2.3 billion, making us compliant until 2028. Importantly, this milestone also reflects the strong trust and confidence of our shareholders in our long-term vision and growth strategy.
PAGE: Can you elaborate on your key sales channels and growth drivers?
Waqas Ahmad: We operate through a diversified and robust distribution model, including:
- Dedicated sales force
- Bancassurance channel
- Digital sales
- Brokers
Additionally, aggregators have played a crucial role in expanding our reach. They have strengthened customer confidence by leveraging technology and creating a seamless digital ecosystem for product distribution.
PAGE: Your Mahana Bachat product has gained significant traction. What makes it unique?
Waqas Ahmad: Mahana Bachat Plan has been a true game changer for us. It is designed around transparency and customer control.
If a customer invests PKR 100,000, the entire amount is reflected in their investment account from day one, visible through our mobile app. Customers can withdraw their funds anytime, giving them complete liquidity and ownership.
This product has significantly contributed to our growth – our topline has increased from PKR 8 billion in 2022 to nearly PKR 30 billion plus.
It’s affordable, digitally accessible, and aligns perfectly with our goal of promoting micro-savings in Pakistan.
PAGE: You’ve also introduced an innovative annuity solution; Lifetime Kafalat Plan. How is it different from existing offerings?
Waqas Ahmad: Traditionally, pension or annuity products in Pakistan are limited in duration. What we have introduced is a true lifetime annuity, addressing longevity risk.
Unlike conventional models that provide payouts for a fixed period, our solution ensures that even if a customer lives beyond expectations, even up to 100 years or more, they continue receiving a pension.
This shifts the narrative from ensuring death or illness only to financial security for a lifetime, which is a major innovation in the Takaful space.
PAGE: How do your products perform in a fluctuating economic environment?
Waqas Ahmad: Our products are linked to market benchmarks such as KIBOR, so naturally, returns are influenced by economic conditions. While rates may fluctuate, our strength lies in having a diverse product portfolio, allowing customers to choose solutions that best suit their financial goals and risk appetite.
PAGE: Let’s talk about the pension landscape. What role is Pak-Qatar playing in this space?
Waqas Ahmad: Pakistan’s pension ecosystem is undergoing a major transformation. Governments are shifting from defined benefit models to defined contribution pension schemes due to rising fiscal pressures.
Under this model, employees contribute 10% of their salary, while the government contributes 12%, and these funds are managed professionally.
We are proud to be the first Takaful operator in Pakistan to be licensed as a pension fund manager under the Government Voluntary Pension Scheme (VPS) framework.
We have already partnered with KPK, Punjab, Balochistan, and recently signed MoU with the Federal government, with Sindh also in the pipeline. This positions us at the forefront of Pakistan’s evolving government pension ecosystem.
PAGE: How does VPS connect with your Lifetime Kafalat Plan?
Waqas Ahmad: That’s where our innovation truly stands out. Through Lifetime Kafalat Plan (LKP), we enable customers to convert their VPS savings into a lifelong pension stream.
Typically, VPS or mutual fund-based pensions are limited to a certain duration – often up to 75 years of age. However, with LKP, we extend this into a lifetime income solution, ensuring financial security regardless of how long the customer lives.
This integration effectively bridges the gap between retirement savings and lifelong financial protection.
PAGE: What incentives do customers have to invest in VPS?
Waqas Ahmad: VPS offers a dual advantage:
- Tax rebates, allowing individuals to reduce their taxable income
- Retirement income, ensuring financial stability after the age of 60
We are actively promoting VPS in the private sector as well, empowering individuals to plan for their retirement while enjoying immediate financial benefits.
PAGE: How important is Shariah compliance in your offerings?
Waqas Ahmad: It is fundamental. We have a highly respected Shariah Advisory Board, and every product and agreement we offer undergoes rigorous Shariah review and approval.
This ensures that our customers can invest with complete confidence in Shariah-compliant financial solutions.
PAGE: Lastly, how is technology shaping your customer experience?
Waqas Ahmad: Technology is at the core of everything we do. We have significantly enhanced our mobile app to deliver a bank-like digital experience, where customers can manage their policies, track investments, and access services instantly.
Today, over 95% of our services are delivered digitally. We also operate a 24/7 call center, have implemented a Microsoft Dynamics 360-based CRM, and are developing AI-powered chatbot solutions to further improve customer engagement.
Our goal is simple: to make financial protection and savings accessible, seamless, and trustworthy for everyone.