Jubilee Life Insurance, Kashf Foundation, and the United Nations Development Programme Pakistan have jointly launched a product called Khushal Mustaqbil Takaful, a micro-savings and protection offering designed specifically to improve the financial security of women from underserved communities across Pakistan. The formal signing took place at the Kashf Foundation head office in Lahore, with representatives from all three organizations present to mark the occasion.
Khushal Mustaqbil Takaful is a yearly renewable endowment Takaful plan structured to serve Kashf Foundation’s existing women borrowers. Operating under the Shariah-compliant Wakalah-Waqf Takaful Model, the product is built around a dual benefit: it provides financial protection for families in the event of the death of the primary borrower, while simultaneously offering a structured savings pathway that allows women to work toward long-term financial security. The design of the product reflects a deliberate effort to address the financial vulnerabilities that women in low-income households often face, where insurance coverage and savings mechanisms have historically been either inaccessible or structured in ways that do not align with Islamic principles.
Javed Ahmed, Managing Director and Chief Executive Officer of Jubilee Life Insurance, said the collaboration with Kashf Foundation reflects the company’s belief that financial protection must be inclusive and accessible, particularly for women who play a central role in maintaining household stability. Roshaneh Zafar, Managing Director of Kashf Foundation, noted that a woman who invests in her future changes not only her own life but also that of her family, and described Khushal Mustaqbil Takaful as a direct response to that need. A representative from UNDP Pakistan added that expanding access to inclusive insurance is critical to closing Pakistan’s protection gap, particularly for women who remain disproportionately underserved by the mainstream financial sector. The initiative builds on Kashf Foundation’s recognition as a winner of UNDP Pakistan’s Insurance Innovation Challenge, supported under the United Nations Development Programme’s Insurance and Risk Finance Facility, and is intended to serve as a scalable model for gender-responsive financial protection across the country.
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