Salaam Takaful Limited, the largest general takaful operator and the first Islamic Insurtech in Pakistan, has built a reputation of introducing new and innovative products to the market. Besides offering all the regular general takaful coverages like motor, health, travel, fire, marine and all other usual offerings, they are committed to fill gaps with innovative products such as medical malpractice takaful, loss of employment takaful, livestock takaful and parametric based crop takaful, to name a few.
Parametric crop takaful is the newest addition to its portfolio. Crop farmers, being the backbone of Pakistan’s economy, play a crucial role in the ecosystem, and are quite prone to losses due to climate change, natural calamities and pest attacks. Salaam Takaful has picked up on their issues and has devised a weather index based solution on parametric basis backed with satellite technology and advisory service which enables them to serve farmers in record time.
Parametric crop takaful works on satellite and weather tracking technology and in the event a parameter such as excess rainfall (or absence of it) gets triggered, claim payouts are also triggered automatically to the farmers. In this way, a farmer is not required to file the claim and go through the hefty process to get the benefit. Moreover, multiple perils can be parameterized and indexed using this technology and it is highly customizable hence enable farmers to be more resilient to climate change.
Salaam Takaful has partnered with WaterSprint Ltd. to reach a bigger fraternity of farmers and to enhance the ambit of services being provided to them. Salaam Takaful and WaterSprint have jointly developed a comprehensive app to facilitate farmers on multiple fronts.
As part of its regulatory sandbox initiative to test Parametric Takaful, Salaam Takaful has initiated parametric crop takaful coverage to 61 farmers in District Rahim Yar Khan. They have collaborated with REEDS (Rural Education & Economic Development Society) Pakistan to implement this plan for the benefit of farmers. This initiative was very well received by farmers who appreciated Salaam Takaful’s step to come up with such innovative ideas and products.
A ‘coverage certificates distribution’ ceremony was held in Rahim Yar Khan. On this occasion, Mr. Umair Ismail from Salaam Takaful Limited, Mr. Naveed Alam from WaterSprint Ltd. and Mr. Shahid Saleem from REEDS Pakistan, pledged to further strengthen this partnership and work together for the betterment of farmers.
Pakistani rupee witnessed upward trajectort against US dollar and other currencies amid positive economic cues.
On Wednesday, the US dollar moved down and was being quoted at 283.7 for buying and 286.75 for selling.
Euro remained stable at 309 for buying and 312 for selling. British Pound rate increased to 361 for buying, and 364 for selling.
UAE Dirham AED dropped to 77.6 whereas the Saudi Riyal rate stands at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||361||364|
|Hong Kong Dollar||HKD||36.49||36.84|
|New Zealand Dollar||NZD||175.89||177.89|
KARACHI – Gold prices in the local market continue to decline in line with the international market.
On Wednesday, the price of a single tola of 24-karat gold stands at Rs219,400 and 10 grams of 24k gold costs Rs188,100.
Each tola for 24 karat is Rs216,700, 22 Karat is Rs198,640, and 21 karat rate per tola is Rs189,613 and 18k gold rate is Rs162,525.00 for single tola.
In the global market, the precious metal moved down, and hovers around $2023 per ounce after drop of around $10.
|Lahore||PKR 219,400||PKR 2,625|
|Karachi||PKR 219,400||PKR 2,625|
|Islamabad||PKR 219,400||PKR 2,625|
|Peshawar||PKR 219,400||PKR 2,625|
|Quetta||PKR 219,400||PKR 2,625|
|Sialkot||PKR 219,400||PKR 2,625|
|Attock||PKR 219,400||PKR 2,625|
|Gujranwala||PKR 219,400||PKR 2,625|
|Jehlum||PKR 219,400||PKR 2,625|
|Multan||PKR 219,400||PKR 2,625|
|Bahawalpur||PKR 219,400||PKR 2,625|
|Gujrat||PKR 219,400||PKR 2,625|
|Nawabshah||PKR 219,400||PKR 2,625|
|Chakwal||PKR 219,400||PKR 2,625|
|Hyderabad||PKR 219,400||PKR 2,625|
|Nowshehra||PKR 219,400||PKR 2,625|
|Sargodha||PKR 219,400||PKR 2,625|
|Faisalabad||PKR 219,400||PKR 2,625|
|Mirpur||PKR 219,400||PKR 2,625|