IslamicFinance.de

The board of directors of IGI Life Insurance has approved the commencement of family Takaful business in Pakistan. Total gross premiums of IGI Life amounted to over Rs1.8 billion at the end of the first nine months of 2014. In April last year, IGI Insurance acquired a 69.7% stake in American Life Insurance Company Pakistan (Alico) for Rs732 million. The establishment of the window family Takaful operation is accompanied with the allocation of Rs50 million for this purpose. In addition, Jubilee Life, EFU Life and Adamjee Life have also expressed their intention to establish Islamic window operations recently.