Jubilee Life Insurance Company Limited (the Company) was incorporated in Pakistan on June 29, 1995 as a Public Limited Company under the Companies Ordinance, 1984. Its shares are quoted on the Pakistan Stock Exchange Limited. The Company started its business on June 20, 1996. The addresses of its Registered and Principal office are 26-D, 3rd floor, Kashmir Plaza, Jinnah Avenue, Blue Area, Islamabad and Jubilee Life Insurance Building, 74/1-A, Lalazar, M. T. Khan Road, Karachi respectively.
The Company is engaged in life insurance, carrying on non-participating business. In accordance with the requirements of the Insurance Ordinance, 2000, the Company has established a Shareholders’ fund and following statutory funds in respect of each class of its life insurance business:
- Individual Life Unit Linked
- Conventional Business
- Accident and Health
- Overseas Group Life and Health Business
- Window Takaful Operations
Jubilee Life has been assigned Insurer Financial Strength (IFS) rating of “AA+” (Double A Plus) with ‘Stable’ outlook by JCR-VIS Credit Rating Co. Ltd.
The Company is a subsidiary of Aga Khan Fund for Economic Development S.A. Switzerland.
WINDOW TAKAFUL OPERATIONS
Jubilee Life commenced its Window Takaful Operations from July 07, 2015 (19th of Ramadan 1436 Hijri). The purpose was to provide Shariah complaint Takaful products to our brethren for overcoming uncertain situations in life.
All business operations and products of Jubilee Family Takaful are approved and supervised by its independent Shariah Advisor, Mufti Zeeshan Abdul Aziz, who is an eminent and renowned Shariah Advisor. An in-house Shariah Compliance Department supervises the implementation of promulgated Shariah Rulings & Guidelines pertaining to different operational and investment related issues. An external Shariah Audit further certifies Shariah Compliance of Jubilee Window Takaful Operations.
Shariah Compliant Funds comprise of investments in Shariah compliant instruments such as Islamic Equities, Sukook, Islamic Term Certificates, Islamic Mutual Funds, placement with Islamic Banking Institutions (IBIs) etc. In this regard, the Company has established the following Takaful funds:
- Aggressive Takaful Fund
- Balanced Takaful Fund