Key recommendations for growth, awareness and collaboration for support of Takaful in Pakistan It was a dire need of Muslims to have Islamic Insurance as alternate for existing un-Islamic Insurance. The long awaited dream has now come true and we have Takaful based on Islamic principles existing all over the world. It is worth mentioning that Takaful is gaining momentum, particularly in the countries where Muslim population is at large. There is a bright future for Takaful to grow fast in the world because Islam is the second largest religion in the world with around 1.8 billion followers. The religion…
Author: Atique Ahmed Chishti
The year 2019 has been good for the Takaful in Pakistan. This is evident from the performance of the Takaful Industry. The annual gross contribution of the Takaful Industry has risen to Rs.10.98 billion in 2019 registering an increase of 27%, over the previous year (2018: Rs. 8.65 billion). The encouraging growth in contribution speaks itself that the Takaful is gaining strengthen in Pakistan where interest based insurance and banking are dominant disallowing any breathing space to Islamic Insurance. No doubt, the Takaful has the potential to grow faster in the country provided issues confronting with the Takaful to be…
We are living in a fast changing environment. Every day brings new challenges requiring people to bring about changes in their lives. All this is because of tough competition forcing people to find out new ways and means to grow rapidly. They continue searching not only new ways but also upgrading the previous ones in order to keep pace with the developments in the fast moving world. Lots of inventions and developments around us are the results of humans struggle to bring about peace, progress and prosperity in their lifestyles. Life insurance product is one of those which continues upgrading…