Dr. Mufti Muhammad Zubair Usmani (Shariah Advisor)


Dr. Muhammad Zubair Usmani is a qualified and one of the most experienced Shariah Scholars in the Islamic Banking Industry. He did his Shariah graduation (Fazil Dars-e-Nizami) & Takhassus Fil Fiqh (Mufti i.e. Specialization in Islamic Fiqh & Fatawa) from Jamia Dar ul Uloom, Karachi. He has done Masters in International Relations and Doctorate (PhD) in Islamic Finance from University of Karachi. Dr. Zubair Usmani is author of several books including related to Accounting & Auditing for Islamic Financial system, comparative study between Islam and Christianity and Ijarah (Islamic Leasing). His research papers have been published in various international journals. He has delivered research based lectures / presentations at different national and international seminars, forums, conferences and seminars. Dr. Usmani served as Shariah Advisor to MCB Islamic Banking for 14 years and has been associated with several financial institutions, he has also served as a member of Shariah Board of State Bank of Pakistan. Currently he is also associated with UBL Ameen Islamic banking and Habib Metro Al Sirat Islamic banking as chairman Shariah Board, MCB Arif Habib Savings as member Shariah Board, Adamjee Life Assurance Company Ltd. Window Takaful operations as Shariah Advisor and several other institutions.


Dr. Bakht Jamal (Head of Takaful)


Dr. Bakht is an accomplished management professional who brings with him twenty seven years of national and international working experience in the Life Insurance, Family Takaful and Medical Profession. He was previously affiliated with largest/oldest public sector life insurer and youngest family takaful operator in the capacity of Head of Operations, Chief Operating Officer and Head of Window Takaful Operations.

He has completed his MBBS, Medicine and Surgery from Sindh Medical College, Karachi. He is a Master Fellow of the Life Management Institute (FLMI/M) from Life Office Management Institute, USA. Dr. Bakht initiated his career as House Officer and General Medical Practice at Jinnah Hospital, Karachi and thereafter, joined the Insurance industry as Deputy Manager New Business at State Life Insurance Corporation of Pakistan, Karachi. He then progressed through his career and was associated with State Life Gulf Zone, Dubai as Head of Operations scattered in Saudi Arabia, Kuwait and UAE and Dawood Family Takaful Ltd as Chief Operating Officer/ Chief Underwriter before switching over to IGI Life as Head of Window Takaful Operations.


Nasir Mahmood (National Sales Director)


Nasir is an accomplished management professional who brings with him over 19 years of extensive experience in the Insurance industry. He is a Fellow of the Life Management Institute and holds a Bachelors of Commerce from University of Karachi. He was previously associated with Dawood Family Takaful as Chief Executive Officer. Prior to this, he has worked with ALICO AIG as Business Development Manager.

Additionally, he has foreign exposure from Canadian Insurance Companies: Universal Insurance & Financial Ltd as Insurance & Investment Broker, Sunlife Insurance as Insurance Advisor and Primerial Financial Service as Insurance Representative.


Waqar Yousufi (Shariah Compliance Officer)


Mufti Waqar Yousufi is a Shariah Scholar and has specialized in Islamic Jurisprudence/ Islamic Finance and is currently doing Ph.D research in ‘Sukuk ul Ijarah’ from the University of Karachi


Introduction to Window Takaful Operations

Window Takaful Operations were introduced by Adamjee Life in 2016 after receiving grant of operations for commencement of Window Takaful Operations from SECP; Deeming us eligible for providing Shahriah Compliant products and services.

The word Takaful is derived from the Arabic verb Kafala, which means to guarantee; to help; to take care of one’s needs. Takaful is a system based on the principle of Ta’awun (mutual assistance) and Tabarru (voluntary contribution), where risk is shared collectively by a group of participants, who by paying contributions to a common fund, agree to jointly guarantee themselves against loss or damage to any one of them as defined in the pact. Takaful is operated on the basis of shared responsibility, brotherhood, solidarity and mutual cooperation.

The Window Takaful Operations of Adamjee Life offers two Shahriah Compliant Funds; Tameen Fund and Maza’af Fund. Tameen Fund has a moderate to low risk profile that generates stable and secure returns by balancing the investment in long term money markets instruments including term deposits in Islamic Banks and Sukuk Bonds. Whereas, Maza’af Fund has a moderate to high risk profile that generates higher returns over the long run in Shahriah Compliant Equities and Islamic mutual funds. 

Description Type
Takaful Fund
Shari’ah Advisor
Takaful License
Takaful Fatwa
Waqf Deed
PTF Policy
Group Takaful Waqaf Rules
PMD Group Takaful

Intro to Individual Family Takaful

Family Takaful is an umbrella comprising of Takaful only products that provides secured and lucrative Savings and Investment options; all under Shariah Compliant operations.

Family Takaful is a substitute for conventional life insurance which follows Islamic injunctions and abhors any kind of speculation and outlaw uncertainty (Gharar) and usury (i.e. interest, or Riba). Takaful is structured to avoid these prohibited elements, introducing elements of mutual help (Tawaun) and donation (Tabaru).

With Adamjeelife Family Takaful, you can protect not only yourself but also your family with the complete satisfaction as all your investment will grow in a Shariah compliant way.

Our Takaful certificates provides adequate coverage as well as the high value to savings opportunities; including coverage of major life events such as Education, Wedding, retirement & Savings.

For the individual requirements of our Takaful client base, our customer has the opportunity to invest in two completely Shariah compliant (Taameen and Maza’af Fund) funds with different risk exposures. They have proved to be a great venture for our customers.

Introduction to Bancatakaful

Adamjee Life – Window Takaful Operations (Adamjee Family Takaful) has partnered with multiple Islamic banks to distribute Shariah compliant/ Riba free investment and protection solutions to their customers.

Family Takaful is a substitute for conventional life insurance which follows Islamic injunctions and abhors any kind of speculation and outlaw uncertainty (Gharar) and usury (i.e. interest, or Riba). Takaful is structured to avoid these prohibited elements, introducing elements of mutual help (Tawaun) and donation (Tabaru).

Policyholders’ contribution — which are treated as donations — make up a fund from which any insurance obligations are met. Takaful operators manage funds and settle obligations in return for an agency fee (Wakala fee), a profit and loss share (Mudarabah share), or both. Any surplus in the fund belongs to the policyholders. If there is a shortfall in the fund, the operators make an interest-free loan (Qard-e-Hasan) to finance the deficit.