SECP approves Takaful and other financial regulations

The Securities and Exchange Commission of Pakistan (SECP) has approved the accounting system governing Takaful insurance.

An adaptation of the IFRS standard to shariah-compliant insurance is among the newly adopted texts. In 2005, the first Takaful company began operations in Pakistan.

In 2012, the authorities introduced a series of measures allowing conventional insurers to also engage in this new activity. In September 2018, an Islamic reinsurance company was authorized to operate in the country.