MCB Islamic Bank has signed a strategic agreement with AICL-WTO to embed free Takaful protection into its digital deposit accounts, marking a significant milestone in the bank’s Digital First strategy and commitment to customer-centric innovation.
The agreement was formally signed by Zargham Khan Durrani, President and CEO of MCB Islamic Bank, and Muhammad Ali Zeb, Managing Director and CEO of AICL-WTO. The partnership reflects the shared vision of both institutions to deliver innovative, value-driven financial solutions through collaboration.
Speaking on the occasion, Zargham Khan Durrani said the initiative highlights the bank’s approach to reimagining digital deposit accounts as instruments of care rather than merely safekeeping. He stated that by offering free Takaful protection at the time of account opening, without any minimum balance requirement, the bank aims to strengthen customer trust, accelerate digital adoption, and advance meaningful financial inclusion.
Under this initiative, complimentary Takaful protection will be embedded into MCB Islamic Asaan Digital Accounts, Asaan Digital Remittance Accounts, and Freelancer Digital Accounts. The coverage will be provided upon digital account opening and continued usage of digital channels, with no balance requirement, reinforcing accessibility and convenience for customers.
Muhammad Ali Zeb appreciated the bank’s customer-first approach, describing the initiative as a forward-looking step in digital banking. He reaffirmed AICL-WTO’s commitment to ensuring that the Takaful protection is delivered seamlessly, responsibly, and at scale to ensure long-term success of the program.
Highlighting the philosophy behind the product, Muhammad Hassan Tariq, Head of Products, BI & Transformation at MCB Islamic Bank, said the offering is designed to serve every Pakistani citizen, regardless of income level, background, or location. He emphasized that financial security and peace of mind should be inclusive and accessible to all segments of society.
He added that the embedded coverage includes Mobile, Laptop, Health, Accident, and Cash Takaful, provided at no cost to customers. The bank expects this innovation to drive sustained growth in digital banking while reinforcing its commitment to protection, inclusion, and customer well-being.