RegAlert

Rule · SECP · 22 Oct 2015

SRO 1046 of 2015 – Takaful Rules 2015

insurance
islamic-finance
licensing

The Securities and Exchange Commission of Pakistan amends Rule 10(1)(s) of the Takaful Rules, 2012, to permit takaful companies to accept risk under re-takaful or participate on a co-takaful basis. These entities may also participate in insurance contracts on a co-insurance basis, provided they adhere to Shariah guidelines approved by their Shariah Advisor. This notification was issued on October 22, 2015, under the Insurance Ordinance, 2000.

PakistanSecurities and Exchange Commission of Pakistan

GOVERNMENT OF PAKISTAN

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

NOTIFICATION

Islamabad, the 22nd October, 2015

S.R.O. 1046(I)/2015.- In exercise of powers conferred by sub-section (1) of section 167 of Insurance Ordinance, 2000 (XXXIX) read with S.R.O. 708(1)/2009 dated 27th July 2009, and having been previously published in the official Gazette vide Notification (S.R.O) 946(I)/2014 dated 16th October 2014, the Securities and Exchange Commission of Pakistan in consultation with Policy Board, is pleased to make the following amendments to the Takaful Rules, 2012, namely:-

In the Takaful Rules, 2012, in rule 10, in sub-rule (1), for clause (s) the following shall be substituted, namely,-

"(s) can accept risk under re-takaful or participate on co-takaful basis under a takaful contract and it can also participate in insurance contract on co-insurance basis provided that it adheres to shariah guidelines approved by its Shariah Advisor pertaining to acceptance of co-insurance under insurance contract".

( BUSHRA ASLAM )
Secretary to the Commission

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Annotations and obligations
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  • Definition / condition 2
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Lineage: No known changes

RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.

Insurance Ordinance, 2000 (XXXIX)Not in RegAlertInsurance Ordinance, 2000 (XXXIX) — Not in RegAlertS.R.O No. 708(1)/2009 dated2009-07-27Not in RegAlertS.R.O No. 708(1)/2009 dated 2009-07-27 — Not in RegAlertTakaful Rules, 2012Not in RegAlertTakaful Rules, 2012 — Not in RegAlertSRO 1046 of 2015 – TakafulRules 20152015-10-22 · this documentSRO 1046 of 2015 – Takaful Rules 2015 (2015-10-22)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
The links and the sentences they come from (3)
Amends
  • Takaful Rules, 2012Not in RegAlert

    “the Securities and Exchange Commission of Pakistan in consultation with Policy Board, is pleased to make the following amendments to the Takaful Rules, 2012”

Issued under
  • Insurance Ordinance, 2000 (XXXIX)Not in RegAlert

    “In exercise of powers conferred by sub-section (1) of section 167 of Insurance Ordinance, 2000 (XXXIX)”

  • S.R.O No. 708(1)/2009 dated 2009-07-27Not in RegAlert

    “read with S.R.O. 708(1)/2009 dated 27th July 2009”

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