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Nestle - Zaka (90)

Nestle - Zaka (90)

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Published by: zakavision on Dec 22, 2010
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06/10/2011

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Regulatory Frame Work of Takaful in Pakistan
Shoaib Soofi, Director (SECP)April 27, 2007Karachi
 
Controlling Documents of Takaful
Insurance Ordinance, 2000
Covers all types of insurance business in Pakistan includingtakaful,
Insurance Rules, 2002
Deals with specific details like admissibility of assets,reinsurance, licensing documents etc, applicable to all insurers,
Takaful Rules,2005
Notified in 2005 under the Insurance Ordinance,2000 deals withspecific additional requirements for takaful operators.
Circulars
Issued by SECP from time to time on various specific issues
 
Compliance by TakafulOperators
A Takaful Operator has to comply with the TakafulRules 2005 in addition to requirements of theInsurance Ordinance 2000 and the Insurance Rules2002,
In case Takaful Rules and Insurance Rules conflict -Takaful Rules prevail.
In case Takaful Rules and the Insurance Ordinanceconflict ± Insurance Ordinance prevail.

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