8 hours Ago By Our Staff Reporter
HYDERABAD - The SAFCO Microfinance Company Limited (SMCL) and Asia Insurance Company Limited have formally signed a Service Level Agreement (SLA) to roll out a bundled livestock protection and social benefit program. According to a press statement issued here on Saturday, the innovative insurance product was integrated with SMCL’s livestock loan and climate-resilient products, designed to protect and uplift rural livelihoods across Pakistan. The agreement was signed by Syed Sajjad Ali Shah, Managing Director of SMCL, and Zain Qureshi, Chief Executive Officer of Asia Insurance Company Limited.
Founder and CEO of SMCL Dr Suleman G Abro, EO of MicroInsurance Centre at Milliman USA Michelle McCord, Chief Operating Officer of the Pakistan Microfinance Network (PMN) Ali Basharat and senior management teams from SMCL, Asia Insurance, and PMN attended. Speaking on the occasion, Abro emphasized on the importance of integrating inclusive insurance into microfinance offerings.He highlighted that the bundled product would serve as a crucial safety net for rural households, particularly in the face of climate change and livestock-related risks.
McCord appreciated the initiative as a forward-thinking model for resilience-building in emerging markets.He underscored the need for client-centric insurance products that reduce vulnerability and promote economic continuity.Shah shared the company’s strategic vision behind embedding insurance into its core lending operations.
He stated that the initiative would not only enhance client protection but also support the long-term sustainability of rural livelihoods. He reaffirmed SMCL’s commitment to client welfare and innovation in financial services that respond to real challenges on the ground. Qureshi said Asia Insurance’s was committed to designing need-based, inclusive insurance products that were simple, accessible, and meaningful for low-income communities.
Basharat reiterated PMN’s support in facilitating meaningful partnerships that improve the financial security of underserved populations and scale up inclusive insurance solutions in Pakistan. The program offers clients an affordable and comprehensive solution to cope with livestock loss and climate shocks, ultimately contributing to rural resilience, sustainable development, and financial inclusion. Rwandan foreign minister to visit Pakistan for inauguration of embassy, high-level talks Tags: agreement inked offer insurance.
