Karachi: The Securities and Exchange Commission of Pakistan (SECP) convened a pivotal roundtable discussion titled “Takaful: Unlocking the Growth Potential” in Karachi, aimed at advancing the takaful (Islamic insurance) sector as part of its broader ‘Insured Pakistan 5-year strategic plan.’
According to Securities and Exchange Commission of Pakistan announcement issued on 13 August 2024, the event gathered CEOs and heads of takaful operations from all insurance companies in the nation to deliberate on strategies for sector growth and integration into the national insurance framework. SECP Chairman, Mr. Akif Saeed, emphasized the increasing acceptability of takaful among the Pakistani populace and reiterated the Commission’s commitment to prioritizing and supporting the sector’s development.
The chairperson of the SECP Shariah Board, Mufti Irshad Ahmad Ijaz, praised the SECP’s proactive efforts and highlighted the regional and global rise of Islamic finance, underscoring the growing importance of takaful. An international expert from the Maldives also shared insights on regulatory roles and the latest developments in takaful from her jurisdiction.
Mr. Aamir Khan, Commissioner of Insurance, in his concluding remarks, lauded the active participation of industry stakeholders and called for increased digitalization and collective ownership to implement the action plan effectively. He also confirmed the regulator’s ongoing support for the takaful sector.
The roundtable featured presentations on the current state of the sector, challenges within the broader insurance industry, and the SECP’s strategies to achieve the goals set out in the ‘Insured Pakistan’ plan. Discussions also covered the implications of the Federal Shariat Court’s judgment on Riba for the non-banking financial sector, including takaful.
The event, attended by representatives from 33 companies and the Insurance Association of Pakistan, was marked by a collaborative spirit, with participants affirming their commitment to propel the growth of takaful in Pakistan.