ISLAMABAD: In order to develop a robust takaful sector, the Securities and Exchange Commission of Pakistan (SECP) has allowed 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, said a SECP press statement issued here. Previously, two conventional insurance companies were allowed to conduct takaful business through window operations. Now the takaful sector comprises of eight takaful operators, out of which two are full-fledged family takaful operators, three full-fledged general takaful operators and three general window takaful operators. 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.
Published in The Express Tribune, November 23rd, 2014.
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