ISLAMABAD, May 24: The Securities and Exchange Commission of Pakistan (SECP) will enforce rules for Takaful, an Islamic alternative to conventional insurance, within two to three weeks, to make Takaful insurance operational. The SECP officials discussed this matter with a high level Malaysian delegation that visited the SECP head office here on Tuesday. The Malaysian delegation, which was headed by Datuk Zamani Abdul Ghani, Deputy Governor of the Bank Negara Malaysia, comprised chief executives and other senior officials of Malaysian commercial banks, insurance companies, Takaful companies and other financial institutions.
The SECP delegation was led by Salman Ali Shaikh, commissioner, specialised companies. The visiting delegation was apprised of the SECP’s role as the apex regulator of the corporate sector, capital market, insurance as well as non-banking financial sector in Pakistan.
They expressed particular interest in the rules and regulations framed by the SECP for Takaful operations in the country. The delegation also shared their own experience in the field of Takaful, which was introduced in Malaysia in the early 1980s, and offered valuable insight into operational issues.
Malaysia has already invested in the first Takaful insurance company in Pakistan launched by Pak-Kuwait Investment Company. The delegation also shared their experience in the non-banking financial sector and the emerging trends in Malaysia.
The two sides discussed the matters of mutual interest and decided to increase mutual cooperation in the fields of non-banking finance and insurance, particularly Takaful insurance. A formal mechanism for cooperation between the two countries would also be explored in future, the delegation agreed.
