Pakistan General Insurance gets SECP approval to launch Window Takaful operations

The Pakistan General Insurance Company Limited (PGI) has received approval from the Securities and Exchange Commission of Pakistan (SECP) to operate as a Window Takaful Operator, enabling the company to offer Shariah-compliant general takaful products alongside its conventional insurance business.

In a material information notice submitted to the Pakistan Stock Exchange (PSX) on Friday, the company said the authorisation had been granted under Rule 9 of the Takaful Rules, 2012.

PGI said the approval allows it to undertake General Takaful business covering all classes of non-life insurance.

The company described the approval as a significant milestone in its strategic growth and diversification efforts, adding that it would broaden its product portfolio by introducing Shariah-compliant general takaful solutions for customers.

PGI further stated that Window Takaful operations would commence in accordance with the applicable regulatory framework and all relevant legal requirements.