IslamicFinance.de

In order to develop a robust takaful sector, the Securities and Exchange Commission of Pakistan (SECP) has allowed M/s SPI Insurance Company Limited, formerly known as Saudi Pak Insurance Company Limited, to start window takaful operations. The initiative would help meet the risk mitigation needs of the masses and develop the Islamic financial sector, according to the SECP. Previously, two conventional insurance companies were allowed to transact takaful business through window operations. Currently, the SECP is processing one more application to start window takaful operations. The takaful sector in Pakistan has yet to go a long way in fulfilling the risk mitigation needs of the masses.