United Insurance Company has become the first local Takaful Window operator with the launch of their Takaful enterprise named Amaan. UIC which is a part of the United International Group has begun operations in Lahore and Karachi and hopes to tap into a whole new market for insurance products.
UIC became the first Takaful Window operator after the Securities and Exchange Commission of Pakistan (SECP) granted it permission to start operations, a move which was appreciated by the chairman of the UIC who said that this decision will help expand the insurance base in the country and help the sector contribute more towards the GDP.
Takaful is a type of insurance system which is compliant with the Shariah laws designed to meet the needs of Muslims around the world who want to keep away from the interest based conventional insurance system. Takaful was previously only allowed to be offered by dedicated Takaful companies but now under the new rules of the SECP, conventional insurance companies can offer Takaful after obtaining authorization and operate as Window Takaful Operators.
UIC is the first company to get this authorization and now will be offering a wide range of Takaful products including Amaan fire Takaful, Amaan marine Takaful, Amaan Motor Takaful, Amaan Engineering Takaful and others.