SECP issues Pakistan’s first digital takaful licence, approves first provincial govt-owned life insurer 

The Securities and Exchange Commission of Pakistan has issued Pakistan’s first Shariah-compliant digital general takaful operator licence to First Digital Takaful Company Limited and the country’s first Digital Investment Advisory Services licence to Wealthbridge Management Limited.

In a statement, the SECP also announced the issuance of a licence to Punjab Life Insurance Limited, making it Pakistan’s first provincial government-owned life insurance company under the Punjab Health Initiative Program.

According to the commission, the new management reduced a significant portion of the pending licensing application backlog during the past three months despite operational challenges.

The SECP said it had inherited 729 pending licensing applications, while another 414 fresh applications were received during the period, taking the total caseload to 1,143 applications.

Out of these, 510 applications were disposed of, reducing pending cases to 633.

The disposed cases included 84 licence applications, 20 prior permissions, 53 approvals related to boards of directors and chief executive officers, 264 licence renewals, seven share transfer cases and 45 other approvals.

The commission said 37 cases were closed due to withdrawal, non-response from applicants or failure to meet regulatory requirements.

As part of ongoing reforms, the SECP said it was removing the requirement for prior security clearance for foreign individuals applying for licences.

The regulator is also simplifying documentary requirements for Section 42 companies to facilitate the non-profit sector and improve incorporation procedures.

According to the commission, the reforms are part of a broader strategy aimed at modernising Pakistan’s financial regulatory framework, encouraging innovation and foreign participation, and strengthening digital regulatory infrastructure.