The Securities and Exchange Commission of Pakistan (SECP) is planning to work with stakeholders for increasing the volume of Takaful in Pakistan by launching Taktech (Takaful technology) to revolutionize the sector.
According to an SECP report on Islamic Finance, the SECP in collaboration with all the stakeholders will pursue infusing Shariah principles in disruptive Fintech innovations (Smart contracts, Big Data, and Blockchain technology), which will help in the financial inclusion and further enhance the customer experience for the Shariah sensitive investors.
The department will also review RegTech solutions available for the supervision of the Islamic financial industry, specifically in the areas of Shariah compliance and Shariah Audit. The SECP also plans to work with stakeholders for increasing the volume of Takaful in Pakistan, by launching Taktech (Takaful technology) to revolutionize the takaful sector, by complementing existing initiatives to enhance takaful coverage to the unserved segments of the population. SECP will also explore the Asset Light Sukuk framework for the issuance of Asset Light Sukuks.
For Green Sukuks, IDF is already conducting research for creating a regulatory framework, enabling the issuance of green Sukuks in Pakistan. In consultation with the Institute of Chartered Accountants of Pakistan (ICAP), IFD is also in the process of introducing a Shariah audit qualification for external Shariah auditors, under Shariah Governance Regulations,...
Read Full Story: https://propakistani.pk/2022/05/24/secp-to-launch-takaful-tech-for-revolutionizing-islamic-insurance-sector/
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