Title: SECP Registers M/s Salaam Family Takaful Limited as Pakistan’s First Digital Family Takaful Operator
In a significant stride towards digitalization in the insurance sector, the Securities and Exchange Commission of Pakistan (SECP) has officially registered M/s Salaam Family Takaful Limited as the country’s pioneer digital family takaful operator.
This milestone follows the implementation of a new registration regime, introduced via an amendment to the Insurance Rules, 2017, as notified in S.R.O 1513(I)/2022. The primary objective behind this regulatory amendment is to promote digitalization and enhance customer convenience by facilitating instant service provision.
The licensing of digital insurers marks a pivotal development in Pakistan’s insurance landscape, aimed at fostering competition and expanding access to innovative insurance products and services. By reducing entry barriers, digital insurers are poised to revolutionize the industry, offering cost-effective solutions while adhering to customer-centric international standards.
Anticipated benefits include streamlined claims management through digitized processes, improved policyholder connectivity via portal-based communication, and personalized services tailored to individual needs. Notably, despite digital channels currently contributing less than 1% to the total industry premium, the registration of M/s Salaam Family Takaful Limited is expected to stimulate growth in this segment, thereby bolstering overall insurance penetration in the country.
The notification granting registration to M/s Salaam Family Takaful Limited has been issued under the provisions of sub-section (1) of section 10 of the Insurance Ordinance 2000. This move underscores the SECP’s commitment to fostering innovation and driving progress within Pakistan’s insurance sector.
