Pakistan: Financial regulator's board approves takaful regulations

Source: Middle East Insurance Review | Dec 2019

The policy board of the Securities and Exchange Commission of Pakistan (SECP) has approved the General Takaful Accounting Regulations 2019, one of many rules which the financial regulator has been working on.

A directive on financial reporting of family window takaful operations by life insurers was also approved, reported the news agency Independent News Pakistan.

Takaful is an emerging sector in Pakistan. In September 2018, the SECP granted approval to the country’s sole reinsurer to offer shariah-compliant reinsurance, as part of efforts to boost the fledgling takaful sector.

Takaful had operated without conventional competitors in Pakistan since 2005 when the first Islamic insurance rules were introduced. These rules stated that takaful windows could be allowed after a five-year period. The regulations were changed in 2012 to allow conventional insurers to operate takaful windows. M

Comment | Print

Name*

Email*

Comment*

Code Verification*

Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.