The Securities and Exchange Commission of Pakistan (SECP) in response to industry''s demand has proposed new Takaful Rules which will allow the conventional insurance companies to offer Takaful products through their dedicated Shariah compliant window operations.
Chairman SECP Muhammad Ali will formally launch the new Takaful Rules at an event to be held on Friday, July 13 at Karachi. It is expected this will provide the necessary impetus for the growth of Takaful vis-à-vis insurance in Pakistan, analysts said. At present only the dedicated Takaful companies in Pakistan are allowed to offer Takaful products and services - a Shariah compliant alternate to the insurance. At this occasion, a special ceremony is being held to launch the Takaful window in Pakistan.
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