Takaful (Islamic Insurance) companies are fetching foreign investment and many International financial institutions are eager to start Takaful and Re-Takaful business in Pakistan. These views were expressed by Shoaib Soofi, Director Insurance, Securities & Exchange Commission of Pakistan (SECP).
While speaking at the concluding session of a two-day specialised training workshop on Takaful, organised by Al-Huda Centre of Islamic Banking and Islamic Economics. The workshop was held at the National Institute of Banking and Finance, (NIBAF), State Bank of Pakistan here on Friday.
He explained the legal and regularity framework of Takaful Business in Pakistan. He said Pakistani market have a great potential in Takaful business. There are two General Takaful Companies working in Pakistan and providing Shariah complaint Insurance facility and other some in pipeline line to start operation.
Zubair Mughal, CEO AlHuda mentioned that the basic purpose behind to organise this workshop was to provide knowledge updates to the conventional insurance industry regarding Takaful (Islamic Insurance) and spread the awareness. He also said AlHuda Centre of Islamic Economics organising such workshop in Lahore and Islamabad too.
Dr Ludwing Stiftl, Munich Reinsurance Company, Germany, Shoaib Soofi, Director Insurance, Securities & Exchange Commission of Pakistan (SECP), Zubair Mughal, CEO AlHuda Cliff, Captain Jamil Akhtar, CEO Takaful Pakistan, Pervaiz Ahmed, CEO Pak Qatar Takaful, Dr Zubair Usmani, Sharia Advisor MCB Bank and other prominent scholar lead the workshop.
Dr Ludwing Stiftle from Munich Reinsurance Company Germany said we are very interested to start Re-Takaful business in Pakistan. The specialised Workshop was highly appreciated by the Insurance industry because of the practical relevance of the workshop according to the current scenario.
A certificate distribution ceremony was held at the end of the workshop. Shoaib Soofi, Director Insurance Securities and Exchange Commission of Pakistan was the Chief Quest of the Ceremony. New Jubli Insurance Co, EFU General Insurance Co, UBL Insurance, Saudi Pak Insurance, Adamjee Insurance, Habib Insurance, Pak-Qatar Takaful, Takaful Pakistan, Beema Pakistan, State Life Insurance, Tracker Direct Insurance, Pakistan Re-insurance Company and other Insurance Companies participate in the Workshop