EFU Life Assurance Ltd, the leading life insurance company in the private sector of Pakistan, has received the license from Securities & Exchange Commission of Pakistan to commence business as a Window Takaful Operator. By virtue of this license, EFU Life is the first window family takaful operator in Pakistan. "We are delighted to receive the first window family takaful operator license and I would like to thank our regulator, SECP, for their keen interest in promoting takaful in the country, and for expediting our license application.
We will launch our takaful operations very soon offering a full range of Shariah compliant financial planning solutions to the people of Pakistan.", said Mr Taher G Sachak, MD & CEO EFU Life on the occasion.
Takaful Rules 2012 allow conventional insurers to undertake takaful business through a window setup. The penetration of family takaful in the life insurance industry of Pakistan is only 5% in terms of gross premiums, achieved over a period of last 8 years when dedicated family takaful companies first started operations.
With conventional insurers now entering this market, it is expected that the share of takaful in the overall insurance sector will increase many folds.
