IslamicFinance.de

Lahore-based Asia Insurance Company Ltd will seek shareholder approval next week to offer takaful products.The company will seek approval to allocate 50 million rupees ($492,853) in capital to its takaful operation, the minimum capitalisation requirement. It will also seek to increase its authorised capital to 500 million rupees from 300 million currently. Asia Insurance joins a growing list of firms in offering sharia-compliant products including United Insurance Company and EFU insurance group. In May, Pakistani regulators introduced new takaful rules that allowed conventional firms to enter the sector. Regulators expect as many as half of all conventional insurers in Pakistan to eventually offer takaful products.