Pakistani government is taking serious steps for promotion of Islamic finance and transforming Pakistan as a world leader. At present Pakistan is on ninth position globally in terms of development of Islamic financial industry. But numerous steps are being taken by government to speed the pace of development.
Conventional insurance companies are ready to enter a new era of Islamic insurance with the support of regulators.
Mian Shahid, Chairman United International Group (UIG) said that, global Islamic financial industry has touched the mile stone of $1.8 trillion. Pakistan will soon become an important member having largest Islamic market.
Takaful in most markets is still in at its initial stage and there is a large room for its growth in Muslim world. Premiums have exceeded $4 billion in 2007 and it expected level is around $20 billion by the year 2017. Saudi Arabia, UAE and Malaysia can rightly be considered as the leaders in Islamic financial industry having developed Islamic financing sector. Pakistan needed a much simpler regulatory framework for its expansion. United Insurance Company is the first company to operate Takaful (Islamic insurance) in Pakistan. (image)