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first Islamic reinsurance

Pakistan approves first Islamic reinsurance service

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has granted approval to the country’s sole reinsurer to offer sharia-compliant reinsurance, part of efforts to boost the fledgling Islamic insurance (takaful) sector. The SECP said it had authorised Pakistan Reinsurance Co to open a takaful window, which would help boost new business opportunities for the state-owned firm. The move would enable local takaful companies to obtain retakaful cover within Pakistan, avoiding outflow of premiums to reinsurance…