LAHORE - Takaful industry is growing rapidly around the world with 230 Takaful companies and 13 Re-Takaful companies, having total volume of $11b. Takaful was started in 2005 in Pakistan when SECP introduced Takaful Rules 2005 according to which only full fledge takaful companies had the permission to operate and in this regard, 5 Takaful companies came into being due to efforts of investors of Malaysia, Qatar, Kuwait, UAE, Saudi Arabia and Pakistan. Among these 5 companies, 3 takaful companies are general whereas 2 takaful companies are providing the services of Shari’ah compliant life insurance. But in accordance with the recently issued SECP takaful rules 2012, conventional insurance companies can open window operations of Takaful.due to which takaful industry would get promotion rapidly at national level.

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