Shariah compliant insurance sector needs to be promoted: Dr Ishrat Hussain

KARACHI: Adviser to the Prime Minister on Institutional Reforms Dr Ishrat Hussain has said that Islamic banking system has seen a significant growth during the last two decades besides Shariah compliant insurance sector -– Takaful — needs to be promoted for the betterment of the low income class of the country.

He expressed these views while addressing the launch ceremony of Salam Takaful Limited, formerly Takaful Pakistan Limited, held at the Mohatta Palace on Friday night.

“I as the governor of State Bank of Pakistan (SBP) have introduced the Islamic banking in the country,” Dr Ishrat Hussain said, adding that the Shariah compliant capital market, asset management and Takaful needed more attention as these sectors had the potential to grow fast in order to cater to the market needs.

He asked the operators to help farmers and small businesses through Islamic banking and Takaful.

“Takaful health cards should be issued to low income people,” he added. He said the government was striving hard to help people through the Prime Minister’s Ehsaas Program.

He said Islamic finance practitioners should maintain their pace of work in order to cater to the marker needs.

He also congratulated Salam Takaful for its rebranding and hoped that the company would grow as the market demands.

Salam Takaful Limited chief executive officer (CEO) and managing director said that the company had grown to become the largest general Takaful operator in Pakistan within a short span of three years.

He said that the company was providing the best of customer services through technology.

“The total investment of shareholders stands at Rs500 million. The company’s current ranking is A+++,” he said.

Copyright Business Recorder, 2021