IslamicFinance.de

EFU insurance group will offer shariah-compliant insurance products in Pakistan through its general and life units. Both EFU Life Assurance and EFU General Insurance plan to open 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. EFU General had Rs13.9 billion ($140.8 million) in written premiums in 2013, representing roughly a quarter of the industry’s total. EFU Life has a branch network of over 150 branches around the country. A source at one of the units said the takaful windows could be operational in two to three months.