Saturday, 14 July 2012 10:21
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has launched new Takaful Rules at a ceremony held here on Friday.
Chairman SECP, Muhammad Ali officially announced the promulgation of the new Takaful Rules, 2012. Takaful, which is said to be an Islamic alternative of insurance, is a scheme based on the principles of mutual assistance in compliance with the provisions of Islamic Shariah, and which provides for mutual financial aid and assistance to the participants in case of occurrence of certain contingencies and whereby the participants mutually agree to contribute to the common fund for that purpose.
The existing Takaful Rules were issued in year 2005. During the course of business activity and implementation of these Rules, a number of practical issues were highlighted by the stakeholders. To address these concerns, the Securities and Exchange Commission of Pakistan (SECP) constituted a committee in year 2007 with a mandate to review ...