EFU Hemayah Hemayah Family Takaful Savings & Education Plans
Islamic Estate Planning in Punjab
Window family takaful from EFU Life (founded 1992, VIS IFS rating AA++), which received Pakistan's first window takaful licence in January 2015 and launched Hemayah in February 2015. Eleven retail plans span everyday savings (Takaful Savings Plan from PKR 30,000/year, ages 18–65), women's savings (Nisa), child education, Hajj/Umrah saving (Pilgrimage Plan), wealth-building (Emerald, Capital Growth) and guaranteed acceptance. Contributions buy units in three Shariah-compliant funds (Growth, Aggressive, Conservative) with daily published prices; riders add accidental death, family income benefit and critical-illness continuation. Distribution runs through 11 bancatakaful partners (roughly 30 bank-branded variants) plus micro-takaful via easypaisa and JazzCash.
Hemayah is the strongest argument for the window model in Pakistan: EFU's scale and 11-bank distribution, an advisor trained directly under Mufti Taqi Usmani, four institutional fatwas anyone can download, and - the part that matters - a published surplus record of PKR 755M to participants since 2017, with the 2023 distribution (80% of a PKR 277M surplus) itemized in a press release. The window structure itself is the honest objection: your Waqf sits inside a shareholder whose main business is conventional insurance. If a dedicated operator matters to you, Pak-Qatar and Dawood are the alternatives; if published surplus performance and reach matter more, Hemayah leads the windows. Ask for the plan-specific allocation schedule - the bank-branded variants are not all equal.
Pros
- First and most established window operator (2015) backed by Pakistan's largest private life insurer (AA++, PKR 263B funds under management company-wide)
- Published, quantified surplus record - PKR 755M cumulative to individual participants since 2017 - that most windows can't or won't match
- Four independent institutional fatwas plus a Taqi Usmani-trained advisor who audits the rest of the industry
- The widest distribution reach in family takaful: branches, 11 banks, easypaisa/JazzCash micro-takaful
Cons
- A window, not a dedicated operator - the PTF is segregated but the shareholder also profits from a much larger conventional life book
- Wakalah fee percentages and allocation schedules are not published on plan pages; the ~5% bid/offer spread visible in fund prices is the only charge you can see from outside
- Roughly 30 bank-branded variants make plan comparison deliberately hard; the bank counter version may carry different allocations than the direct one
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Product Details
Price
Takaful Savings Plan from PKR 30,000/year, ages 18–65; unit-linked with three funds priced daily (offer/bid spread visible in published prices, e.g. Growth 2,510.04/2,642.15 on 3 Aug 2026). Wakalah fee percentages not published on plan pages - they sit in the PMD and illustrations.
Islamic Features
Wakalah-Waqf model with published Waqf Deed, PTF policies and four institutional fatwas, Quantified three-way surplus policy: 2023 surplus PKR 277M, 80% (Rs 222M) to participants; PKR 755M cumulative since 2017, Retakaful via Hannover Re and Munich Re dedicated Islamic retakaful operations - no conventional retrocession on the Munich pool, Micro-takaful distribution through easypaisa and JazzCash reaches unbanked savers
EFU Hemayah in Punjab
EFU Hemayah's Hemayah Family Takaful Savings & Education Plans is available in Punjab. EFU Hemayah operates across Pakistan, so Punjab residents have full access to this product.
Our Take on EFU Hemayah
EFU Hemayah is the strongest case for the window model in Pakistan - and the operator that makes 'window versus dedicated' a genuine dilemma rather than a formality. Its religious documentation would embarrass most dedicated operators: four independent institutional fatwas anyone can download, a published Waqf Deed and PTF policies, product-level certificates, and an advisor whose credentials cut across the industry he audits. Its surplus record is quantified in a way only Dawood otherwise manages - PKR 755M to individual participants since 2017, with the 2023 distribution (80% of a PKR 277M surplus) itemized publicly - and its three-way surplus policy (participants, fund strengthening, charity) is stated rather than implied. Distribution reach is unmatched: 11 banks, ~30 banca variants, easypaisa and JazzCash micro-takaful down to nano tickets. The objection is structural and permanent: Hemayah is a segregated fund inside EFU Life, whose principal business is conventional, interest-based life insurance - the funds don't mix, but the shareholder profits from both. Plan-level wakalah fees also stay in illustrations rather than public pages, and the banca variants are not economically identical. If a window is acceptable to your scholar, this is the window; if not, Pak-Qatar and Dawood exist precisely for you.
How EFU Hemayah Works
Choose a plan directly or through your bank
Eleven retail plans plus ~30 bank-branded variants across 11 bancatakaful partners; the direct Takaful Savings Plan starts at PKR 30,000/year for ages 18–65.
Contributions split between the Waqf and your investment account
The protection portion is a Tabarru donation into the PTF (Waqf); the savings portion buys units in the Growth, Aggressive or Conservative takaful funds at daily published prices.
Add riders and top-ups
Accidental death, additional term, family income benefit (1–2% of sum covered monthly) and critical-illness continuation riders attach; Fund Acceleration Contributions accept lump sums.
Claims pay from the Waqf
Death and rider claims draw on the PTF, retakaful-backed through Hannover Re and Munich Re's Islamic operations.
Year-end surplus splits three ways
On the advisor's and actuary's determination: bonus units to participants (80% of the PKR 277M surplus in 2023), PTF strengthening, and a small charity allocation.
Financing Structure
Hemayah follows the Wakalah-Waqf family takaful model that Pakistani scholars approve as the standard architecture. Participants enter by donating (Tabarru) the protection portion of each contribution into the Participants Takaful Fund - a Waqf constituted under a published deed - while savings-plan contributions also buy units in a separate Participants Investment Account across three Shariah-compliant funds. EFU Life operates both funds as Wakeel for disclosed-in-documents wakalah fees; claims pay from the PTF; and at each year-end the surplus determination follows the method approved by the Shariah Advisor and appointed actuary, splitting three ways - bonus units to participants' PIAs, retention to strengthen the PTF, and a smaller charitable allocation. Retakaful for large risks flows through Hannover Re's and Munich Re's dedicated Islamic retakaful operations. The window structure means all of this is ring-fenced within a conventional insurer: assets, accounts and funds are segregated under the Takaful Rules, but EFU Life's shareholders earn from both the takaful window and the much larger conventional book.
In-Depth Analysis
EFU Life received Pakistan's first window family takaful licence from SECP in January 2015 and launched Hemayah that February - the event that opened the window era in Pakistani insurance. The parent is the country's first private-sector life insurer (1992), rated AA++ by VIS, with 2025 company-wide gross premium of PKR 57.05B, PKR 263B under management and over 14 million lives insured. Hemayah is a fraction of that book, but a fraction of the largest private life franchise in the country still out-distributes most dedicated operators.
The retail shelf runs eleven plans: the flagship Takaful Savings Plan (ages 18–65, from PKR 30,000/year), Savings Plus, Humsafar, the women-focused Nisa Savings Plus, Khushali, Guaranteed Acceptance, Group Savings, the Hajj/Umrah-focused Pilgrimage Plan, the wealth-building Emerald and Capital Growth plans, and a Child Savings Plan. Contributions buy units in three Shariah-compliant funds - Growth, Aggressive and Conservative - with daily published bid/offer prices, Fund Acceleration Contributions for top-ups, and riders spanning accidental death, additional term, family income benefit (1–2% of sum covered monthly) and critical-illness continuation. Bancatakaful spans eleven banks from Dubai Islamic and BankIslami to UBL, Standard Chartered and Bank Alfalah - roughly thirty bank-branded plan variants - and 2026 brought micro/nano takaful launches with easypaisa and BankIslami.
The Shariah file is the deepest of any window. Advisor Mufti Muhammad Ibrahim Essa completed Darse Nizami and Takhassus Fil Fiqh at Darul Uloom Karachi under Mufti Taqi Usmani's close supervision and has taught at its Darul Ifta since 2006; EFU's own site notes he has carried out Shariah compliance audits of every existing takaful company in Pakistan. Published certifications include fatwas from four separate institutions (Darul Uloom Karachi, Dar-ul-Ifta Imdad-ul-Uloom in Punjab, Jamia Binnoria, Jamia Ehtishamia), the advisor-signed Certificate of Shariah Compliance, the Wakala-Waqf model document, PTF policies, the Waqf Deed and product-level certificates. Retakaful stays inside Islamic structures through Hannover Re's retakaful arm (with its own dedicated Shariah board) and Munich Re's Kuala Lumpur-run retakaful division, which operates on a pure Wakala model without conventional retrocession.
The surplus policy is published as a three-way split - distribution to participants as bonus units credited to the Participants Investment Account, retention to strengthen the PTF, and a smaller charitable allocation - and, unusually, quantified: the 2023 surplus reached PKR 277M (up 24% on 2022), of which 80% (Rs 222M) was allocated to eligible participants, and cumulative distributions to individual participants since 2017 total PKR 755M. That is a verifiable track record no other window offers and only Dawood matches in kind. What remains unpublished are the plan-level wakalah fees and allocation schedules - visible only in illustrations and membership documents - and the window's standing structural caveat: the Waqf lives inside a conventional insurer, cleanly segregated but commonly owned.
Shariah Compliance Details
- Shariah Advisor: Mufti Muhammad Ibrahim Essa (Jamiah Darul Uloom Karachi; Darse Nizami and Takhassus Fil Fiqh under Mufti Muhammad Taqi Usmani's close supervision; teacher and Darul Ifta member since September 2006; has audited all existing takaful companies in Pakistan).
- Published certifications: fatwas from Darul Uloom Karachi, Dar-ul-Ifta Imdad-ul-Uloom (Punjab), Jamia Binnoria and Jamia Ehtishamia; advisor-signed Certificate of Shariah Compliance; Wakala-Waqf model document; Participant Takaful Fund policies; Waqf Deed; product-level Shariah certificates.
- Surplus governance: year-end PTF surplus determined per the method approved by the Shariah Advisor and appointed actuary, split between participant bonus units, PTF strengthening and charity - with amounts published (2023: PKR 277M surplus, 80% distributed).
- Retakaful: Hannover Re retakaful (Wakala and Mudarabah options, dedicated Shariah Advisory Board) and Munich Re retakaful (Kuala Lumpur, pure Wakala model, no conventional retrocession, conventional life business excluded from the pool).
How EFU Hemayah Compares
Hemayah versus the dedicated operators is the sector's defining choice. Pak-Qatar Family beats it on structural purity (no conventional parent) and prospectus-grade fee disclosure, but Hemayah's four institutional fatwas out-attest Pak-Qatar's board documents and its PKR 755M cumulative surplus record dwarfs Pak-Qatar's PKR 64M CY2024 distribution. Dawood matches Hemayah's surplus verifiability (Rs 154.15M in 2024) from a dedicated platform with Barelvi oversight - but with website quality failures Hemayah never exhibits. Among fellow windows, Jubilee Family has the bigger banca machine and thinner economic disclosure, Adamjee the better document shelf but no surplus record, IGI the published charge table but an invisible website. If you accept the window structure, Hemayah is its best expression in Pakistan; the honest alternative for window-rejectors is Pak-Qatar or Dawood.
The dedicated-operator alternative: no conventional parent, listed-company disclosure and the Taqi Usmani-lineage board - with far smaller published surplus distributions.
The other surplus-prover: dedicated structure, Barelvi board, Rs 154.15M distributed in 2024 - undermined by website quality failures Hemayah doesn't share.
The banca rival: bigger bank distribution, continuous single-advisor oversight since 2015, but no published surplus amounts or fee data.
Kafalah bancatakaful through Pakistan's largest Islamic bank - often distributing EFU or Pak-Qatar underwriting anyway; compare the banca allocation terms against buying direct.
Bottom Line
EFU Hemayah earns the top window slot on evidence: four independent fatwas, a published Waqf Deed, an advisor who audits the industry, Islamic retakaful on both treaties, and PKR 755M of surplus actually delivered to participants since 2017. Its unavoidable asterisk is the structure itself - a segregated Waqf inside a conventional insurer - plus plan-level fees that only surface in illustrations. Accept the window premise and this is the best-run version of it in Pakistan; demand the allocation schedule for the specific variant you're offered, because the thirty banca flavours are not created equal.
Read full EFU Hemayah reviewShariah Compliance & Oversight
Shariah Advisor: Mufti Muhammad Ibrahim Essa (Jamiah Darul Uloom Karachi; Darse Nizami and Takhassus Fil Fiqh under Mufti Taqi Usmani's close supervision; Darul Ifta member/teacher since 2006; has conducted Shariah audits of all existing takaful companies in Pakistan). Published: four institutional fatwas (Darul Uloom Karachi, Imdad-ul-Uloom, Jamia Binnoria, Jamia Ehtishamia), Certificate of Shariah Compliance, Wakala-Waqf model document, Waqf Deed, PTF policies, product certificates.
2026-08-05
Why It's Halal
Hemayah follows the Wakalah-Waqf model - participants donate Tabarru into a Participants Takaful Fund constituted as a Waqf, with savings units held in a separate Participants Investment Account - and it backs the structure with the most complete published fatwa file of any Pakistani window: fatwas from Darul Uloom Karachi, Dar-ul-Ifta Imdad-ul-Uloom, Jamia Binnoria and Jamia Ehtishamia, plus the advisor-signed compliance certificate, the Waqf Deed, PTF policies and product-level certificates. The Shariah Advisor is Mufti Muhammad Ibrahim Essa (Darul Uloom Karachi, trained under Mufti Taqi Usmani's close supervision, Darul Ifta member since 2006), who the site notes has audited every takaful company in Pakistan. The surplus policy is published as a three-way split - distribution to participants as bonus units, retention to strengthen the PTF, and a smaller charitable allocation - and, decisively, quantified: the 2023 surplus of PKR 277M saw 80% (Rs 222M) allocated to eligible participants, with PKR 755M distributed cumulatively to individuals since 2017. Retakaful stays Islamic through Hannover Re's and Munich Re's dedicated retakaful divisions. The structural caveat every window carries: Hemayah operates inside a conventional insurer whose main book is interest-based - the funds are segregated, but the shareholder is the same.
Regional Availability
EFU Hemayah serves all of Pakistan
✓ Available nationwide including Punjab
Create Your Plan: EFU Hemayah
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NationwideFrequently Asked Questions
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