BHURBAN, Aug 23: The state-run insurance corporation is all set to launch Shariah complaint insurance by the end of the current year. This was disclosed by chairman of the State Life Insurance Corporation (SLIC), Mr Kamal Afsar, at a news briefing on the occasion of a three-day convention here on Tuesday.

He said a study in this regard was being conducted and the Malaysian model is likely to be followed. He said the Security Exchange Commission (SECP) was framing rules for the Islamic insurance.

“Most of the people do not go for insurance scheme as they think it is un-Islamic,” he observed.

He said negotiations were underway to introduce accident insurance scheme under which an amount upto Rs100,000 would be disbursed promptly to the heirs of those who die in accident.

Mr Afsar said the State Life wanted each and every Pakistani to be covered by the scheme.

Negotiations with the Punjab Government in this respect are in advance stage, he added. The proposed scheme, the SLIC chief said, was also being discussed with the Sindh government. He will also give a briefing to the Balochistan governor on the scheme in the near future.

He said well-to-do people were also being encouraged to pay premium of people living in some specific villages. He said the scheme was not meant to earn profit and it would be on ‘no profit no loss’ basis.

The corporation also plans to woo the booming real estate business.

“Rules for a real estate investment trust are being framed to enable small investors to take advantage of the boom in the real estate business and secure their investment”, Mr Afsar said.

He said the State Life would wisely invest the money in long term real estate ventures.

The corporation, he said, was also taking initiative to manage pension funds. The Sindh Government would soon announce the decision on its pensions being managed by the State Life, he said.

The corporation is also looking at initiating health, education and railway accident insurance schemes.