KARACHI, Oct 22: The Institute of Chartered Accountants of Pakistan (ICAP) will organize a seminar on the concept of ‘Takaful’ here on October 26. An announcement here on Saturday said the concept of Takaful was turned into a practical reality in the seventies, with the incorporation of an Islamic insurance company in Sudan.

This was quickly followed by a similar move in Bahrain. Malaysia did their homework on the same and came up with Takaful Act 1984, paving the way for introducing Islamic insurance in the country on sound footing.

They soon assumed a leading role and became pioneers of Islamic banking and insurance. They currently have 45 per cent share of the world Takaful business.

Realizing the importance of the subject, the southern regional committee of the ICAP is organizing a seminar on Takaful on October 26.

Captain M. Jamil Akhtar Khan, head of operations, Pak-Kuwait Takaful Company Ltd, will be speaker of the seminar.

Abdul Rahim Abdul Wahab, executive director and actuary, Sidat Hyder Morshed Associates, will be session chairman of the seminar.—APP