Corporate corner: EFU Life receives takaful licence
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KARACHI:
EFU Life Assurance Limited has received a window takaful operator licence from the Securities and Exchange Commission of Pakistan (SECP). This will make EFU Life the first window family takaful operator in Pakistan. “We will launch our takaful operations very soon offering a full range of Shariah-compliant financial planning solutions,” said EFU Life MD and CEO Taher G Sachak. Takaful Rules 2012 allow conventional insurers to undertake takaful business through setting up a window. The penetration of family takaful in the life insurance industry of Pakistan is only 5% in terms of gross premiums, achieved over a period of last 8 years when family takaful companies first started operations. With conventional insurers now entering this market, it is expected that the share of takaful in the overall insurance sector will increase manifold.
Published in The Express Tribune, January 23rd, 2015.
EFU Life Assurance Limited has received a window takaful operator licence from the Securities and Exchange Commission of Pakistan (SECP). This will make EFU Life the first window family takaful operator in Pakistan. “We will launch our takaful operations very soon offering a full range of Shariah-compliant financial planning solutions,” said EFU Life MD and CEO Taher G Sachak. Takaful Rules 2012 allow conventional insurers to undertake takaful business through setting up a window. The penetration of family takaful in the life insurance industry of Pakistan is only 5% in terms of gross premiums, achieved over a period of last 8 years when family takaful companies first started operations. With conventional insurers now entering this market, it is expected that the share of takaful in the overall insurance sector will increase manifold.
Published in The Express Tribune, January 23rd, 2015.