ISLAMABAD: The Pakistan Economy Watch (PEW) has supported SECP’s decision on Tuesday to expand Sharia compliant risk coverage in the country which will triple insurance penetration. It can help those who do not use the conventional insurance forbidden by Sharia law. PEW President Dr Murtaza Mughal said this Halal risk mitigation has been growing 15% annually on an average, however, it spurred to 31% in 2011. Pakistanis spend Rs593 per capita on insurance policies, one of the lowest figures in the world. He also said that the share of Takaful is 1% of the global insurance market while it enjoys 2% of the market in Pakistan.
Published in The Express Tribune, January 25th, 2012.
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