Salaam Takaful Limited and National Foods recently signed an MoU to commence a strategic partnership to provide Parametric-based Crop Takaful coverage to farmers.
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Under this partnership, a pilot project will be conducted in the Sindh region that provides comprehensive weather-related risk coverage for tomato farmers.
Previously, Salaam Takaful has created strategic alliances, including a flagship project with Syngenta Pakistan, supporting wheat and maize farmers in multiple regions, and a pioneering partnership with Jazz Cash for nationwide Islamic insurance solutions for farmers.
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Salaam Takaful is also in the process of integrating parametric solutions into Digitt Plus’ platform, has extended coverage to potato farmers with Fauji Fresh n Freeze in Okara and Multan, and collaborated with Hamara Kissan Pvt Ltd for sunflower growers in Sindh.
Further partnerships with Digital Dera and Concave Agri enhanced weather risk coverage, while participation in the InsuResilience Global Partnership underscores Salaam Takaful’s commitment to sustainable insurance solutions.
Speaking about the partnership, Mr. Rizwan Hussain, Managing Director & CEO of Salaam Takaful Limited, stated: “We are excited to join forces with National Foods. By combining our expertise, we aim to provide farmers with comprehensive and accessible Islamic insurance coverage, safeguarding their livelihoods and enabling sustainable growth in the agricultural sector. This is in line with our vision of creating a robust ecosystem to make farmers resilient against climate change under UNSDGs 2, 3, 8, 11, 13, and 17.”
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Mr. Abrar Hasan, CEO of National Foods, expressed his enthusiasm, saying: “Through this pioneering initiative, National Foods aims to bolster the resilience and prosperity of our farming communities. This partnership will not only safeguard the livelihoods of individual farmers but also enhance the stability and sustainability of the entire agricultural value chain.”
Salaam Takaful, a leading takaful operator, is revolutionizing agricultural insurance with its Parametric Crop Takaful, ensuring farmers’ financial security through trigger-based automatic claim payouts. Collaborating with stakeholders across the agricultural value chain, Salaam Takaful actively contributes to financial inclusion and resilience among farmers.
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