Pakistan General Insurance Company (PGIC) has received approval from the Securities and Exchange Commission of Pakistan (SECP) to operate a takaful window.
In a statement lodged with the Pakistan Stock Exchange, PGIC announced that the SECP authorisation allows the company to undertake general takaful business covering all non-life insurance classes.
The company said, “This authorisation marks a significant milestone in the company’s strategic growth and diversification initiatives and enables it to expand its product portfolio by offering Shariah-compliant general takaful solutions to its customers.”
PGIC said that its takaful window operations would commence in accordance with the applicable regulatory framework and all relevant legal requirements.
Lahore-headquartered PGIC was incorporated in Pakistan in July 1947.