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Saturday June 22, 2024

CDC and Salaam Takaful sign agreement

By Our Correspondent
June 11, 2024
A representational image of two people signing an agreement. — Pexels/File
A representational image of two people signing an agreement. — Pexels/File

KARACHI: Newly licensed by the SECP, Pakistan’s first Islamic digital insurer Salaam Family Takaful Limited (SFTL) and the Central Depository Company of Pakistan Limited (CDC) have entered an arrangement for the SFTL’s participation in the Centralized Information Sharing Solution for the Insurance Industry (CISSII) and the Centralized Insurance Repository (CIR) which are key cross-industry information sharing systems developed and administered by the CDC.

The agreement was signed by CEO of the CDC Badiuddin Akber and CEO of the SFTL Rizwan Hussain in the presence of Executive Director of the SFTL Syed Nayyar Hussain; COO of the CDC Abdul Samad; and other senior members of the companies.

The SFTL holds the distinction of being the first digital-only Islamic life insurance company in the region, persevering in its commitment and support towards the growth and development of the insurance industry in-line with the global trends of digitalization.

The CDC, besides being an integral capital market institution providing electronic custody of securities and settlement of trades, has been successfully playing the role of an enabler by providing innovative solutions to diverse segments of Pakistan’s financial landscape.