SECP Approves First Digital Family Takaful Company

The Securities and Exchange Commission of Pakistan (SECP) has officially registered M/s Salaam Family Takaful Limited as the inaugural digital family takaful operator in the country. This registration signifies that Salaam Family Takaful Limited has met all the regulatory requirements set forth by the SECP to operate as a digital family takaful provider.

Takaful is a Sharia-compliant insurance concept that operates on the principles of mutual assistance and shared responsibility. Family takaful specifically focuses on providing protection and financial security to families in the event of unforeseen circumstances such as death, disability, or illness.

Being registered as a digital operator implies that Salaam Family Takaful Limited will offer its services primarily through digital platforms such as websites, mobile applications, and other online channels. This approach allows for greater accessibility and convenience for customers, enabling them to purchase Takaful products, manage their policies, and file claims digitally.

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By becoming the first digital family takaful operator, Salaam Family Takaful Limited is poised to leverage technology to streamline its operations, enhance the customer experience, and broaden the reach of takaful services across Pakistan. This milestone underscores the SECP’s commitment to promoting innovation and financial inclusion in the country’s insurance sector.

The implementation of a registration framework for digital-exclusive insurers and specialized micro-insurers was established via a modification to the Insurance Rules of 2017. This amendment was officially announced through S.R.O 1513(I)/2022, with the primary objective of fostering digitalization and enhancing customer convenience by facilitating immediate service delivery.

The introduction of licensing for digital insurers in Pakistan is poised to enhance competition within the insurance sector by reducing entry barriers and expanding access to innovative insurance offerings. This move is anticipated to substantially decrease costs for policyholders and encourage the adoption of internationally recognized customer-centric practices.

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Digital insurers are set to revolutionize the industry by offering streamlined claims processing, improved connectivity through online portals, and personalized services tailored to the individual needs of policyholders. With digital channels currently contributing less than 1% to the total industry premium, the registration of M/s Salaam Family Takaful Limited is projected to positively influence the overall premium garnered through digital channels.

This move is anticipated to stimulate the country’s insurance penetration, driving it towards an upward trajectory. The notification for granting registration to M/s Salaam Family Takaful Limited has been issued under the provisions outlined in sub-section (1) of section 10 of the Insurance Ordinance 2000.

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