EFU Life Assurance

Adamjee Life to enter Islamic insurance market next year

Adamjee Life is going to enter the Islamic insurance market by March next year, company CEO Fredrik de Beer announced in a recent interview. “We will complete the business plan to seek the board’s approval by the end of October. We are hoping to launch Takaful products by the end of the first quarter of 2015,” Beer said.
Adamjee Life follows Jubilee Life Insurance and EFU Life Assurance that have already announced their plans to enter the Shariah-compliant segment of life insurance. Pakistan’s insurance industry has seen quite some activity lately, as both life and non-life entities have shown interest in setting up Islamic window operation

Shariah compliant: EFU insurance moves onto Takaful business

Pakistan’s second largest life insurance company informed members of the Karachi Stock Exchange (KSE) on Friday that it intends to enter the window Takaful business. The board of directors of EFU Life Assurance has approved changes in its memorandum of association under Takaful Rules 2012 to launch Takaful. The Securities and Exchange Commission of Pakistan (SECP) replaced Takaful Rules 2005 with Takaful 2012 two years ago, which allowed conventional insurance companies to set up Islamic windows to conduct shariah-compliant business. EFU Life Assurance is not the only company that has shown interest in setting up Islamic window operations. Jubilee Life, the largest player in the life segment in terms of gross premiums, is also eyeing the Shariah-compliant business after the implementation of Takaful Rules 2012.

Pakistan's EFU insurance group to launch sharia-compliant products

EFU Life Assurance and EFU General Insurance, Pakistan's largest private insurance group, will offer sharia-compliant insurance products through takaful windows. The plans come two months after regulators cleared the way for conventional firms to offer Islamic products, part of regulatory effort to increase insurance penetration in Pakistan. Company officials declined to comment on their plans but a source at one of the units said the takaful windows could be operational in two to three months. The Securities Commission had earlier said it had received five applications for takaful windows and expected as many as half of all conventional insurers in Pakistan to eventually apply for a licence.

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