Pak-Qatar Takaful Reviews & Complaints
By: Sohail A Qureshi
Through this correspondence I would like to express my deep dismay over the return of our investment of PKR. 5.0 million that was invested over a three-year term with Pak-Qatar (Membership number: 4808120000589) through Dubai Islamic Bank (DIB). Based on the letter I received from them dated January 8, 2018 our investment has grown by only PKR 231,267 which amounts to a total return of less than 5% over a 3-year period. This is unacceptable.
My wife and I decided to invest our hard-earned money with Pak-Qatar as yields of ~14-15% profit per year were promised as norm. Professionals at DIB convinced us of the same. Based on this we expected our investment to grow to at least PKR 6.5 million. Unfortunately this does not seem to have happened.
That Pak-Qatar pocketed a front-end load of 5% (PKR 250,000) and then failed to deliver is deeply disappointing. This obviously does not reflect well on how money managers of Pak-Qatar handle investor money.
On November 17th, 2017 our investment was valued at PKR 52,11,413. Since the stock market has gone up by ~5% in the last few weeks how is it possible that only ~PKR 10,000 have been added since then. I would have expected the total to move up to PKR ~5.5 million.
I would like you to kindly look into this matter as soon as possible. The very least Pak-Qatar can do is to return the front-end load back to me. If DIB has also pocketed money from us from this transaction then I would urge that to be returned also.
Unfortunately again as per advice of DIB, my wife and I went into a ten-year investment with Pak-Qatar in which we pay a total of PKR 500,000 per year (we just paid our 4th installment). Based on the paltry profits of our PKR 5.0 million 3-year term deposit, we have obviously blundered putting yet more of our money into the incompetent hands of Pak-Qatar professionals. In this context, I would like Pak-Qatar to return the money we have invested with them thus far (PKR 2.0 million) without any penalty. At this unhappy juncture we would be grateful to them for doing us that favor.
I look forward to hearing from you.
Sohail A. Qureshi, PhD
(and Romena Qazi, PhD)