Pakistan insurance group awarded takaful licenses

KARACHI, Pakistan— A Pakistan-based insurance group says newly granted licenses make it the first company in the country authorized to offer both commercial and personal lines takaful coverages.

The Pak-Qatar Group's general and family takaful companies were licensed August 16, the Karachi-based insurer said in a statement. "This makes the Pak-Qatar Group the first to have both a family takaful and general takaful company under one umbrella," the statement said.

Pak-Qatar's backers, which include Qatar-based banks and insurers, are funding the new personal lines insurer, Pak-Qatar Family Takaful Ltd., with 500 million rupees ($8.26 million) in capital and newly formed Pak-Qatar General Takaful Ltd. with capital amounting to 300 million rupees (4.96 million).