ISLAMABAD: The country's financial system is undergoing a significant transition towards Shariah compliance, which could boost the Islamic insurance or Takaful sector, the country's top insurance regulator said on Friday.
Aamir Khan, the commissioner of insurance at the Securities and Exchange Commission of Pakistan (SECP), said the shift was in line with the cultural and religious values of the people and was supported by a recent ruling of the Federal Shariah Court of Pakistan.
Speaking at an online conference organised by the Islamic Insurance Association of London (IIAL), Khan said Islamic financial assets in Pakistan had grown by 30 percent in the last year, reaching 17 percent of the total financial system. He also said the Takaful segment had performed well, generating a revenue of Rs62 billion , up 11 percent from the previous year.
Khan outlined a five-year strategic plan by the SECP to increase the insurance penetration rate in Pakistan from 0.87 percent to 1.5 percent of the gross domestic product (GDP), and to raise the Takaful share to 30 percent of the total insurance sector.
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The IMF also praised the caretaker government for maintaining economic stability during the interim period