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:
- Capital Growth Takaful Fund
- Managed Takaful Fund
- Ace First Consulting (FZE) Sharjah
- Aga Khan Fund for Economic Development S.A. Switzerland
- Aga Khan University Hospital
- Aga Khan Cultural Services Pakistan
- Aga Khan Health Services Pakistan
- Aga Khan Education Services Pakistan
- Aga Khan Planning and Building Services, Pakistan
- Aga Khan Agency for Micro Finance
- Allana Watch (Pvt) Limited
- Atlas Battery Limited
- Central Depository Company of Pakistan Ltd.
- Diamond Trust Bank Kenya Limited
- First Habib Bank Modaraba, Pakistan>First Habib Bank Modaraba, Pakistan
- Habib Allied International Bank Plc UK
- Habib Bank Limited
- “HBL Asset Management
- HBL Currency Exchange (Pvt.) Limited
- Industrial Promotion Services (Pakistan) Ltd.
- International Industries Limited
- International Steel Limited
- Jubilee General Insurance Company Limited
- Jubilee Holding Limited Kenya
- Jubilee Insurance Company of Kenya Ltd.
- Jubilee Investment Company Limited Uganda
- Jubilee Kyrgyzstan Insurance Company CJSC
- Kyrgyz Investment and Credit Bank CJSC
- NBP Fullerton asset management
- Oriental Boats
- Rural support program network
- Telecom Development Company Afghanistan Limited
- The First Micro Finance Bank Limited
- The Jubilee Insurance Company Brundi
- The Jubilee Insurance Company of Maurititus Ltd
- The Jubilee Insurance Company of Tanzania Ltd
- Tourism Promotion Services (Pakistan) Ltd
- Pakistan Cables Ltd.
- ICI Pakistan Ltd.
- Jubilee Life Insurance Company Uganda
- Aga Khan Rural Support Program