Beruflich Dokumente
Kultur Dokumente
Takaful in Pakistan
Life insurance
New business 2012
Including State Life
Takaful
5%
Takaful
$13
Conventional
33%
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State
62%
December 2013
Conventional
$74
(US$ million)
1,000
Life
800
600
Non-life
400
200
2006
(US$ million)
50
2008
2010
2012
40
Family
30
20
General
10
2008
2009
2010
2011
2012
www.meinsurancereview.com
22/11/2013 11:44:22
Bancassurance
The bancassurance guidelines 2010 were recently reviewed,
and proposed draft amendments were announced for
public comments. The basic aim of these amendments is
to improve customer value and protection, for instance
by revising the whole remuneration structure, applying
restrictions to recycling life insurance policies, introducing
commission claw back provisions, maintaining minimum
surrender values, increasing financial underwriting
requirements, and ensuring mandatory after-sales callback requirement.
The regulation also aims to help policyholders better
understand their policies by introducing a need analysis
document which requires illustrations to be given in
Urdu and provided at the point of sale.
According to SECPs survey in 2012, bancassurance had
a compound annual growth rate of 95% in the last five
years, but it faces issues ranging from mis-selling, renewal
persistency and an inappropriate remuneration structure,
hence requiring regulators intervention to protect and
provide sustainable growth for this sector. This is being
addressed gradually by the regulator.
www.meinsurancereview.com
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Shariah board
The SECP established a Shariah board in May 2013 to
advise on Shariah matters, development and promotion
of Islamic financial institutions (IFIs), which include
Islamic mutual funds, Islamic pension funds and takaful
operators and other financial institutions. The boards
key function is to validate products of IFIs, ensuring
their compatibility with the Shariah principles and also
to recommend guidelines on the criteria for investment
by Islamic capital institutions. Mufti Hassan Kaleem is
the Chairman of the Shariah Board.
Latest
Issue
Singapore / Malaysia*
Others*
SG$480
US$480
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December 2013
www.meinsurancereview.com
25/11/2013 14:54:54