Orascom Telecom’s Waseela Bank Signs Partnership Deal With Adamjee

Waseela Microfinance Bank Limited (WMBL), a microfinance institution (MFI) in Pakistan, a fully-owned subsidiary of Egypt-based Orascom Telecom Holding (OTH) (ORTE.CA) and also a sister concern of Pakistan Mobile Communications Limited (PMCL), has signed a partnership agreement with Adamjee Insurance Co Ltd (AICL:PA), a member of Nishat Group.

Under this arrangement Adamjee Life will provide various life insurance solutions to Waseela bank customers. Waseela Bank through alliance with its sister entity Mobilink intends to become a major player in the branchless banking arena and has plans to introduce mass market savings, loans, funds transfer, insurance and investment products to promote financial inclusion, promote economic and trade empowerment in both rural and urban communities.Ghazanfar Azzam, President and CEO of the Waseela Bank said, “Bank and its management will continue to research, innovate and offer customer-focused solutions that are easily accessible to the general public. The collaboration with Adamjee life is another step in achieving this goal.” 

Fredrik de Beer, CEO of Adamjee Life Assurance said, “Adamjee is dedicated to explore innovative distribution channels that make insurance affordable and accessible, also create awareness amongst the public at large to make insurance part of an individual’s financial and future planning. Collaboration with W Bank will positively contribute towards achieving this goal.”

Worth mentioning, Adamjee Insurance Company Limited (AICL) – General Insurance Company was founded in 1960 celebrated its 50 years commitment to Insurance. The Company is listed on all three stock exchanges of Pakistan. The head office is located in Karachi and it operates a network of 34 branches in Pakistan and one in UAE (Dubai).

by Pakistan’s Daily News