In Pakistan, Islamic insurance is licensed by the SECP under the Takaful Rules 2012; dedicated operators and windows of conventional insurers collected Rs 48.04 billion in contributions in 2023, or 12% of the sector's premiums.
The SECP, regulator of takaful operators
The Securities and Exchange Commission of Pakistan licenses both dedicated takaful operators and window takaful operators, meaning the Islamic windows of conventional insurers. Its public website is the starting point for checking a licence before you buy any cover.
From the Insurance Ordinance 2000 to the 2012 rules
The Insurance Ordinance 2000 brought takaful into Pakistani law, followed by the Takaful Rules 2005, now repealed. The Takaful Rules 2012, announced by the SECP on 13 July 2012, form the framework currently in force for operators and windows alike.
Authorised Islamic windows
In 2012, the SECP presented Pakistan as the second country to allow takaful windows, after Indonesia, which now requires their separation. A 2014 circular sets the capital of these windows, and 2023 guidelines govern Islamic financial services.
A framework the SECP sees as ageing
In its 2025 diagnostic study, the SECP acknowledges that the Takaful Rules 2012 have not been substantially revised for more than twelve years. Regulatory reform is therefore expected, although no verified timetable exists at this stage.
The 2028 deadline on riba
The Federal Shariat Court prohibited riba in all its forms in a judgment of 28 April 2022, effective 31 December 2027. The 26th constitutional amendment also requires its elimination before 1 January 2028, which is pushing the sector towards takaful.
Market structure in figures
According to the SECP, the market has three dedicated family takaful operators and seven windows, two dedicated general takaful operators and twenty windows, plus one Islamic reinsurance or retakaful window run by Pakistan Reinsurance Company Ltd.
Growth measured in rupees
Takaful contributions reached Rs 48.04 billion in 2023, or 12% of premiums, compared with Rs 40.62 billion and 11% in 2022. The general business line grew from Rs 12.78 billion in 2020 to Rs 26.4 billion in 2023.
Pak-Qatar Family Takaful, family segment leader
Founded in 2006 and operating since 2007, Pak-Qatar Family Takaful holds 44% of family takaful including windows, and 90.47% of the dedicated segment. With 73 branches and 14 bank partnerships, it launched a listing of around Rs 1.1 billion in December 2025.
State Life, PRCL and Pakistan General Insurance
State Life Insurance Corporation, which held 66.5% of the life market in 2023, runs a family takaful window. In July 2026, Pakistan General Insurance was authorised as a Window Takaful Operator for all non-life classes under rule 9 of the Takaful Rules 2012.
Pak-Qatar General Takaful on the stock exchange
According to the outlet Profit, the SECP approved the stock market listing of Pak-Qatar General Takaful in January 2026, presented as the first non-life takaful company listed on the Pakistan Stock Exchange. The press also reports a first digital takaful licence in May 2026.
Low penetration, ambitious target
Insurance penetration did not exceed 0.7% in 2024. Even so, the SECP aims for takaful to exceed 30% of premiums by 2028. For policyholders, this momentum means a wider choice, but also recently opened windows with only a short track record.
Checkpoints in a Pakistani contract
Check the stated operating model, the operator's fee and the surplus allocation rule. Our guide to takaful surplus sharing helps you read this clause, which is often worded differently by dedicated operators and by windows.
Your path to buying takaful in Pakistan
- Check on the SECP website that the entity is licensed as a takaful operator or as a Window Takaful Operator.
- Distinguish a dedicated operator from a window inside a conventional insurer, and ask how the participants' fund is ring-fenced.
- Obtain the contract model applied and the opinion of the chosen operator's Sharia adviser or committee.
- Compare the contribution, management fee and surplus allocation rule between dedicated operators and windows.
- Review exclusions and waiting periods, particularly for family takaful sold through partner bank branches.
- File the claim with the operator, attach the supporting documents and keep the acknowledgement of your request.
Components of a takaful contribution in Pakistan
| Component | Use | Main variables |
|---|---|---|
| Donation to the participants' fund | Pays pooled claims | Age, risk covered, sum assured |
| Operator fee | Pays for managing the fund | Scale of the operator or window |
| Share of investment return | Splits compliant investment income where provided | Model chosen and asset management |
| Possible surplus | May be paid back to participants | Claims experience and contract clause |
| Indicative market benchmark | Rs 48.04 billion of contributions in 2023 | Growth in supply and in windows |
Documents to prepare in Pakistan
- CNIC national identity card or passport
- Proof of address
- Vehicle registration certificate for motor takaful
- Title deed or lease for a home policy
- Medical questionnaire for family takaful
- Islamic financing agreement for loan-linked cover
Pitfalls to spot in Pakistan
- Believing a takaful window is the same as a dedicated operator without checking that the participants' fund is kept separate.
- Buying from a seller whose licence does not appear in the decisions published by the SECP.
- Purchasing a product labelled Islamic without obtaining the written opinion of the operator's Sharia adviser.
- Signing family takaful at a bank branch without reading the exclusions or the charges deducted in the first year.
- Assuming the fund surplus will be paid back when the contract does not expressly provide for it.
Questions people ask about Pakistani takaful
Which legal text governs takaful in Pakistan?
The Takaful Rules 2012, made under the Insurance Ordinance 2000, govern operators and windows. They are supplemented by a 2014 circular on window capital and by SECP guidelines issued in 2023.
What share of Pakistani insurance does takaful hold?
In 2023, takaful contributions amounted to Rs 48.04 billion, or 12% of the sector's premiums. The SECP is targeting more than 30% by 2028, against the backdrop of the deadline set for eliminating riba.
Who is the leading family takaful operator?
Pak-Qatar Family Takaful, operating since 2007, holds 44% of family takaful including windows and more than 90% of the dedicated operator segment, according to data published at the time of its stock market listing.
Is retakaful available in Pakistan?
Yes, Pakistan Reinsurance Company Ltd has been authorised by the SECP to run a retakaful window, the only one identified in the 2025 diagnostic study on the future of takaful.
Takaful operators and organisations
Pak-Qatar Family & General TakafulPakistani takaful group with Qatari backing, active in family and general takaful through a nationwide branch network.Jubilee Family TakafulFamily takaful window of Jubilee Life in Pakistan, offering Sharia-compliant savings and protection plans.TPL Life TakafulTakaful window of Pakistani life insurer TPL Life, offering health and life cover in line with Islamic principles.Takaful EmaratUAE takaful operator specialising in health and family protection cover for individuals and businesses.Indicative list: assuranceislamique.com has no commercial link with these organisations. Always check the licence with the local regulator.