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Islamic insurance firm to begin working soon

Staff Report

KARACHI: Takaful Pakistan Limited would soon commence operational activities in the country with an initial paid-up capital of Rs 200 million and an authorized capital of Rs 300 million. It is expected that that a large section of the Pakistani public that considers conventional insurance as un-Islamic, would be more inclined towards Takaful insurance.

Takaful is a system of Islamic insurance based on the principle of Talawun (mutual assistance and Tabarru (voluntary contribution), where the risk is shared collectively by the group voluntarily.

“Presently there are some 80 plus Takaful Insurance companies operating globally including some non-Muslim countries like New Zealand and Sri Lanka,” said Rohail Ali Khan General Manager Takaful Pakistan Limited in a statement here today.

He said that Islamic form of insurance Takaful has tremendous potential in Pakistan. Worldwide, the total Takaful contributions volume (premiums) in 2004 stood at around $3 billion.

Rohail Ali Khan explained that the company would provide all Shariah compliant general insurance products, which include fire (property), engineering, motor, marine, liabilities and miscellaneous covers at competitive rates.

Given the phenomenal growth of Takaful, special in Malaysia and Middle East, it is expected that a global estimate of $12.5 billion would be reached by the year 2015.

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