Regulatory Alerts2024-04-16
Added · Updated
Draft Amendments to General Takaful Accounting Regulations 2019
The Securities and Exchange Commission of Pakistan amends Regulation 6 of the General Takaful Accounting Regulations, 2019, to insert the expressions "(i.e. OPF and PTF)" after "Window Takaful Operations" in sub-regulations (1) and (3). A new sub-regulation (3A) is introduced, allowing insurers with window takaful operations comprising 25% or more of their overall gross contributions to consolidate conventional and takaful assets, liabilities, incomes, and expenses in their financial statements. This alternative disclosure method requires specific adjustments for PTF surplus or deficit and mandates segment disclosures in accordance with IFRS 8.
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