The Securities and Exchange Commission of Pakistan (SECP) has made it mandatory for all non-life insurers undertaking general Takaful business through window operations to ensure submission of financial statements for the periods ending on or after June 2015. In this regard, the SECP has issued a circular number 25 of 2015 here on Friday.
According to the SECP, the attention is invited towards Rule 11(1)(b) and 11(1)(c) of the Takaful Rules, 2012. Under the said rule 11 (Further Conditions applicable to Window Takaful Operator), in addition to the conditions under Rule 10, a Window Takaful Operator, shall report its assets, liabilities, revenues and expenses separately for each segment of its Conventional business and Takaful business. The Window Takaful Operator shall comply with the provisions of these Rules or such other conditions as may be imposed by the Commission from time to time. Cognizant of the fact that window Takaful operations have commenced in the country, the Commission hereby in exercise of the powers conferred under Rule 11(1)(c) of the Takaful Rules, 2012 hereby imposes the following conditions on window Takaful operators related to financial reporting of their window Takaful operations: Firstly, non-life insurers authorized to carry on window Takaful operations shall include the General Takaful results in their financial statements as follows: Secondly, total assets and total liabilities of the Operator Fund of the window Takaful operations shall be disclosed as a single line item In the Statement of Financial Position of the insurer. Thirdly, the profit/(loss) of the Operator Fund of the window Takaful operations shall disclose a single line item 'Profit/Loss before taxation from General Takaful Operations' in the Profit and loss Account of the Company.
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