IslamicFinance.de

The Pakistan Economy Watch (PEW) noted SECP’s move to push Sharia compliant risk coverage in Pakistan is to benefit millions. The move could triple insurance density and penetration in which Pakistan ranks lowest in the region.
Takaful, for example, has been growing 15 per cent annually. Furthermore, in 2011 it grew 31%. Contrary to conventional insurers who charge money to cover the risks, Takaful spread the risk and rewards among all participants.
Dr. Murtaza Mughal, President of the PEW, requested SECP to supervise and ensure cost-effective and competitive financial protection to the people, push companies to focus small cities and towns and initiate efforts for flow of information aimed at community development.