The Securities & Exchange Commission of Pakistan (SECP) places specific focus on takaful as a strategic priority in its five-year plan for the insurance sector, Mr Akif Saeed, the chairman of the regulatory agency said in his welcome address to participants of a roundtable discussion held earlier this month.
Mr Saeed assured the takaful sector of SECP’s support to work together for the sector’s advancement at the roundtable that was attended by the CEOs and heads of takaful operations of 33 insurance companies and representatives of the Insurance Association of Pakistan.
At the event, which had the theme, “Takaful: Unlocking the Growth Potential”, participants explored avenues for the growth and development of the takaful sector in Pakistan, according to a media release issued by the SECP.
SECP Shariah Board chairman, Mufti Irshad Ahmad Ijaz, said that with the rapid expansion of Islamic finance on a regional and global level, the significance of takaful has also increased exponentially, necessitating focused efforts for its advancement.
Mr Aamir Khan, Commissioner of Insurance, stressed the importance of increased digitalisation and collective ownership for the execution of the action plan for the growth of the takaful sector. He also assured the takaful sector of the regulator’s steadfast support.
During the roundtable, the SECP team delivered a presentation that included a current snapshot of the sector, outlined challenges faced by the insurance sector, explained the SECP’s operational approach for achieving targeted outcomes identified in the “Insured Pakistan Five-Year Strategic Plan” which was released in November 2023 and covers the period till 2028.