KARACHI, Oct 19: Takaful Pakistan Limited chief executive officer Jamil Akhtar Khan said Takaful was a practical manifestation of the Quranic injunction for mutual cooperation and assistance for the common benefit.

He was speaking at a seminar on Takaful -- an emerging niche market -- here at ICAP House on Thursday. It was organised by the southern regional committee of the Institute of Chartered Accountants of Pakistan (ICAP).

Mr Khan spoke about Takaful, its concept and misconception, classification, re-Takaful, its legal framework of Takaful in Pakistan and challenges faced by it.

He informed the participants that the first Takaful company was set up in Sudan in 1979 and in the same year Bahrain also established a Takaful company. “There are now more than 84 Takaful companies in over 25 countries, including Pakistan,” he added.

He said the Council of Islamic Ideology started reviewing the Islamic insurance system from 1983 onwards and in 1992 the council submitted its report on Islamic insurance system.--APP