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Express Tribune
27-05-2025
- Business
- Express Tribune
Redefining faith and finance: Pakistan's evolving Takaful industry
The Takaful industry in Pakistan has come a long way since its inception in 2006, when the Securities and Exchange Commission of Pakistan (SECP) promulgated Takaful Rules. Azeem Iqbal Pirani, Chief Operation Officer and Executive Director at EFU Life, recalled the history of Takaful in the recent Tribune Podcast held in collaboration with EFU Hemayah Takaful. EFU Life Assurance Ltd. was the first life insurance company to obtain a Takaful Window license under the SECP's regulatory framework For years, a significant portion of Pakistan's population avoided insurance products, viewing them as contrary to Shariah principles. Pirani shared that when he entered the industry, the public hesitated to engage with any form of insurance—life, general, or health. The mission was clear: to create a Shariah-compliant system that aligned with people's values and beliefs. EFU Life's introduction of Takaful aimed to bridge this gap, and while uptake is still growing, meaningful progress has been made. As per last year's report by SECP, Takaful's share was around 12 percent in the total sales of the insurance sector. The share is still modest because of two reasons, one, that people still have doubts about its religious legitimacy, and second, people are not aware of these services as yet. But SECP now has a particular mandate in expanding the user base of Takaful, aiming to take its share to 35 percent from 12 percent by 2028. Host Adeel Azhar, who has been an influential personality in the finance & insurance sector of Pakistan, agreed that lack of awareness is the main stumbling block. He cites the example of insurance in the auto-finance sector, where he said that it is high only due to SBP making it mandatory. He said that it is indeed a double challenge to convince people to take finance on Islamic principles and then also add to Islamic Insurance i.e. Takaful. Dr. Irum Saba, Director of the Center for Excellence in Islamic Finance at IBA Karachi, explained the reasons behind poor concentration of Islamic finance in Pakistan. She noted that our country has a huge population of 250 million, but the commitment of the government and the regulators is not as strong. She compared this to Malaysia, the country with a very large concentration of Islamic finance, maintaining that the government and regulators there are very much committed and awareness is accordingly much more than Pakistan. She said that in Malaysia, students, entrepreneurs, businesses, and every institution is protected by Takaful. Compared to Pakistan, she said state institutions in Malaysia are headed by people who are committed to Islamic finance, including their ministry of finance, securities commission, and central bank. She advocates that such commitment, coupled with awareness, is the key to expansion of the Takaful industry. In particular, she advocates that such awareness be spread at the level of schools, colleges, and even villages. Dr. Irum also cited the examples of other neighboring countries, where she said the financial literacy is much more prevalent than Pakistan. She quotes her experience of seeing street hawkers having QR Code Machines for payments, which she said reflects the good financial acumen of otherwise less educated people. She stressed on educating the younger generation through tools, techniques, and AI. When asked about the milestones EFU Hemayah Takaful has achieved over its 10-year history and its plan forward, Pirani said that EFU Life was the first company which obtained the Window License for its services. He mentioned that EFU not only launched a Takaful product, it also gave it a brand identity. Currently, Takaful contributes to 35 percent of EFU Life's business, which reflects its growth over the decade. One strategy that particularly worked was providing customers the option to convert the existing life insurance products into Shariah-compliant ones. This was an unparalleled offer which not only boosted the company's business but also helped in expanding Takaful penetration in Pakistan. EFU Life then moved to inclusive and digital options, which also helped expand customer base. Thanks to the growing business, the company has distributed a surplus of Rs 800 million among its customers, which now stand at 1.4 million. Responding to a question on the steps taken by academia such as IBA for connecting the academia with the industry, Dr. Irum elaborated that her center regularly conducts training, engages in research, and holds discussions and debates on Islamic finance. She mentioned that specialized training programs to impart solid understanding of Takaful were administered by expert trainers from both national and international institutions. She also stated that the center is doing research on Wakala-Waqf model of Takaful, which is applicable in Pakistan. She said that the training is also offered to companies which are seeking services for their employees from Takaful operators. In another program, the center offers training on Islamic wealth management and planning, where students are educated about how to save and invest, and when it relates to investment, the role of Takaful is also highlighted. The episode served as a compelling reflection on how Pakistan's Takaful industry is transforming. Supported by regulatory mandates, academic research, and evolving consumer awareness, Takaful is no longer a niche offering. As EFU Life and institutions like IBA continue to educate and innovate, the future of Islamic insurance in Pakistan appears increasingly inclusive, accessible, and in sync with the values of the people it aims to serve.
Express Tribune
25-05-2025
- Business
- Express Tribune
Takaful industry in Pakistan: challenges and opportunities
Listen to article The Takaful industry in Pakistan has come a long way since its inception in 2006, when the Securities and Exchange Commission of Pakistan (SECP) promulgated Takaful Rules. Azeem Iqbal Pirani, Chief Operation Officer and Executive Director at EFU Life, recalled the history of Takaful in the recent Tribune Podcast held in collaboration with EFU Hemayah Takaful. He mentioned that EFU was the first company incorporated as a General Takaful Company with the aim of expanding insurance services to the general public in accordance with their beliefs. Pirani mentioned that at the time, ordinary citizens would not avail any kind of insurance, be it general, life, or health insurance, because people believed that the insurance services were against Shariah. Those like him who joined to serve the Takaful industry aimed to expand the services for common citizens in line with their beliefs, so that they could avail themselves without any resistance or reluctance. This objective has been achieved to some extent, not as much as desired, but still, the share of Takaful services among general users has increased. As per last year's report by SECP, Takaful's share was around 12 percent of the total sales of the insurance sector. The share is still modest because of two reasons, one, that people still have doubts about its religious legitimacy, and second, people are not aware of these services as yet. But SECP now has a particular interest in expanding the user base of Takaful, aiming to take its share to 35 percent from 12 percent by 2028. Host Adeel Azhar agreed that a lack of awareness is the main stumbling block. He cites the example of insurance in the auto-finance sector, where he said that it is high only due to the SBP making it mandatory. He said that it is indeed a double challenge to convince people to take finance on Islamic principles and then also add to Islamic Insurance, i.e., Takaful. Dr Irum Saba, Director of the Center for Excellence in Islamic Finance at IBA Karachi, explained the reasons behind the poor concentration of Islamic finance in Pakistan. She noted that our country has a huge population of 250 million, but the commitment of the government and the regulators is not as strong. She compared this to Malaysia, the country with a very large concentration of Islamic finance, maintaining that the government and regulators there are very much committed, and awareness is accordingly much higher than in Pakistan. She said that in Malaysia, students, entrepreneurs, businesses, and every institution is protected by Takaful. Compared to Pakistan, she said state institutions in Malaysia are headed by people who are committed to Islamic finance, including their ministry of finance, securities commission, and central bank. She advocates that such commitment, coupled with awareness, is the key to expansion of the Takaful industry. In particular, she advocates that such awareness be spread at the level of schools, colleges, and even villages. Dr Irum also cited the examples of other neighboring countries, where she said the financial literacy is much more prevalent than Pakistan. She quotes her experience of seeing street hawkers having QR Code Machines for payments, which she said reflects the good financial acumen of otherwise less educated people. She stressed on educating the younger generation through tools, techniques, and AI. When asked about the milestones EFU Hemayah Takaful has achieved over its 10-year history and its plan forward, Pirani said that EFU Life was the first company which obtained the Window License for its services. He mentioned that EFU not only launched a Takaful product, it also gave it a brand identity. Currently, Takaful contributes to 35 percent of EFU Life's business, which reflects its growth over the decade. One strategy that particularly worked was providing customers the option to convert the existing life insurance products into Shariah-compliant ones. This was an unparalleled offer that not only boosted the company's business but also helped in expanding Takaful penetration in Pakistan. EFU then moved to inclusive and digital options, which also helped expand the customer base. Thanks to the growing business, the company has distributed a surplus of Rs 800 million among its customers, which now stands at 1.4 million. Responding to a question on the steps taken by IBA for connecting the academia with the industry, Dr. Irum elaborated that her center regularly conducts training, engages in research, and holds discussions and debates on Islamic finance. She mentioned that specialized training programs to impart solid understanding of Takaful were administered by expert trainers from both national and international institutions. She also stated that the center is doing research on the Wakala-Waqf model of Takaful, which is applicable in Pakistan. She said that the training is also offered to companies that are seeking services for their employees from Takaful operators. In another program, the center offers training on Islamic wealth management and planning, where students are educated about how to save and invest, and when it comes to investment, the role of Takaful is also highlighted.
Washington Post
16-03-2025
- Sport
- Washington Post
D.C. United records its first shutout in almost a year but settles for a draw
D.C. United's 0-0 draw with CF Montreal on Saturday night at Audi Field was hardly the performance or result Coach Troy Lesesne wanted, but amid the bland affair came a bright revelation: a shutout. United had not held an opponent scoreless in almost a year, a span of 31 matches. Its previous clean sheet was also against Montreal and also at home. Kim Joon Hong, a 21-year-old goalkeeper in his first MLS season, was not placed under a lot of pressure but managed the penalty area well, saw two threats hit the goal frame and received a solid defensive effort from his teammates. It was marked improvement for a team that conceded 70 goals in 34 games last season, third worst in the league and the second most in club history. D.C.'s attack, though, did not click, failing to replicate the two-goal performances in each of its first three matches. The closest United (1-0-3) came was Christian Benteke's disallowed goal in the first half, the result of video replay. Three of United's first four matches have been at home, yet it has earned just five of a possible nine points in those games. The same D.C. lineup that produced a 2-1 victory over visiting Sporting Kansas City last weekend took the field against a Montreal team (0-3-1) playing the fourth of seven consecutive away matches to start the season until the weather warms in Quebec. United was a little loose defensively in the first half. Montreal's Fabian Herbers was given ample space in the 13th minute for a 25-yard shot that hit the base of the left post. Moments later, United midfielder Boris Enow made a critical challenge to disrupt Jules-Anthony Vilsaint's 12-yard threat. Herbers's misfortune continued in the 26th minute, when his bid in transition skipped off the crossbar. United — and the announced crowd of 16,133 — thought Benteke had shattered the deadlock a minute later, when he collected Jared Stroud's pass just inside the penalty area and slid the ball past goalkeeper Jonathan Sirois. But video replay showed Benteke pushing the ball with his right hand; after checking the monitor, referee Guido Gonzales Jr. annulled the goal. United's Brazilians, João Peglow and Gabriel Pirani, combined in the box late in the half, but after Peglow's no-look flick set up his countryman, Pirani lifted it wide of the near corner. Early in the second half, David Schnegg's lovely chip set up the sliding Stroud in the six-yard box, but Sirois made a fine block. Lesesne made his first changes in the 60th minute, replacing Enow and Hosei Kijima with Matti Peltola and Brandon Servania. One of Peltola's first touches was a sizzler from distance that streaked over the crossbar. In the 73rd, Jacob Murrell took Pirani's place. Montreal had a grand opportunity in the 75th minute with a free kick at the edge of the box, but Kim was well-positioned to block Bryce Duke's bid, then thwarted Montreal's second chance. Lesesne's last moves came in the 83rd minute, with Fidel Barajas making his debut after arriving on loan from Chivas Guadalajara and newcomer Rida Zouhir making his second appearance. Here's what else to know about United's draw: Because MLS does not usually pause for international windows, Peltola and starters Kye Rowles and Aaron Herrera will miss next Saturday's match at Orlando City (1-2-1). Rowles will join Australia for 2026 World Cup qualifiers vs. Indonesia on Thursday and at China on March 25. Herrera was summoned by Guatemala for a two-leg Concacaf Gold Cup playoff against Guyana on Friday and March 25. Peltola's Finland will visit Malta on Friday and Lithuania on March 24 for World Cup qualifiers. Forward Kristian Fletcher, who is on loan to Nottingham Forest in England, was called up for U.S. under-20 friendlies against Mexico and Japan in Spain. Midfielder Randall Leal (thigh) missed his third consecutive match, and backup striker Dominique Badji was ruled out with an undisclosed minor ailment. Midfielder Jackson Hopkins (ankle), rookie winger Hakim Karamoko (sports hernia) and defender Conner Antley (knee) continue to recover. Antley seems closest to returning. ... Montreal was missing designated player Giacomo Vrioni (groin), who has yet to play this year, and captain Samuel Piette (hamstring), sidelined since the opener. U.S. national team prospect Jalen Neal (knee) remains out as well.
