LAHORE - Insurance experts at a seminar held at Lahore Chamber of Commerce and Industry (LCCI) Wednesday said that the promotion of the Takaful, the Islamic mode of insurance, would ultimately help promote savings in the Islamic world besides enhancing Islamic funds and bonds like Sukuk.
The speakers at the seminar included- President LCCI, Shahid Hassan Sheikh, Director Insurance, Securities and Exchange Commission of Pakistan (SEC), Shuaib Soofi, Principal Hailey College of Banking and Finance and Muhammad Ikram, Chairman Lahore Institute of Insurance. President LCCI, Shahid Hassan Sheikh said that Takaful, the Islamic system of Insurance was based on the principles of collective protection, mutual cooperation and collective responsibility.
He hoped that the seminar would help remove the misconceptions about the Islamic insurance system.
He said that the history of Islamic insurance dated back to the second century of Islamic calendar when the Arab traders were expanding their activities in India, Malaysia, Sri Lanka, the Maldives and Central Asia.
Zubair Mughal , Director Centre of Islamic Banking and Islamic Economics said that the Islamic financial market worth US $ 260 billion could prove a booster for the Takaful companies.
He said that there were three models of Takaful companies in the world i.e. Mudaraba model ( Sudan), Wakalah model (Malaysia) and Wakalah Waqf (Pakistan).