Pakistan: Insurance market ready for increase in takaful, says official

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Pakistan’s insurance industry is ready for a boost in competition after the country’s Securities and Exchange Commission recently permitted conventional insurers to offer takaful, reported Reuters.

SECP official Faraz Uddin Amjad said the regulator is finalizing 10 takaful applications and has already granted two licenses. SECP expects around 20 to 25 new takaful operators to start operating, Mr. Amjad said. The official added that the takaful sector accounts for around 5% of the overall insurance market, but that percentage is likely to increase in the future.

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