Case Studies on Takaful Implementation in Pakistan
Takaful Implementation in Pakistan has transformed the insurance sector by aligning protection and savings solutions with Shariah principles. In this article, we review four proven case studies that demonstrate how Family and General Takaful have been successfully executed in Pakistan. These cases highlight models, outcomes, and key lessons that new operators can learn from.
Case Studies on Takaful Implementation in Pakistan
| Case Study | Model Type | Key Implementation Steps | Outcomes | Lessons for Takaful Implementation in Pakistan |
|---|---|---|---|---|
| EFU Life – Hemayah Family Takaful (Window Takaful) | Window Family Takaful (Wakālah–Waqf) | – Launched under SECP’s Window Takaful Rules 2012 – Leveraged EFU’s bancassurance & agent network – Maintained segregated Participant Takaful Funds (PTF) – Published Shariah certifications & fund fact sheets |
– Strong brand trust via EFU’s reputation – Increased Family Takaful adoption – 2024 annual report shows Hemayah’s growth |
– Window model helps fast scale-up – Transparency through Shariah audits & fund disclosures |
| Pak-Qatar Family & General Takaful (Standalone) | Standalone Family & General Takaful | – First dedicated takaful operator in Pakistan – Independent Shariah Board & compliance – Detailed annual reports – Obtained PACRA ratings for credibility |
– Expanded nationwide with strong takaful brand – Maintained market share in family & general segments |
– Standalone model builds strong identity – Ratings & disclosures increase trust |
| Jubilee Life & General (Window Takaful) | Window Family & General Takaful | – Added WTO segment into financial reports – Created Operator’s Fund & PTF – Adopted SECP-mandated disclosures – Used bancassurance for distribution |
– Boosted cross-selling via existing channels – Consistent growth in takaful portfolio |
– WTO reporting builds regulator confidence – Hybrid model leverages distribution power |
| Dawood Family Takaful (Standalone) | Standalone Family Takaful | – Registered as standalone operator – Published annual reports & AGM disclosures – Focused on family protection & savings products |
– Smaller share compared to window operators – Strong governance via transparent reporting |
– Niche focus works for smaller players – Governance and credibility are key drivers |
Lessons from Takaful Implementation in Pakistan
The above case studies reveal several critical lessons:
- Window Takaful accelerates market entry by leveraging existing networks.
- Standalone operators succeed through brand positioning, compliance, and Shariah governance.
- Transparency in reporting builds regulator and customer trust.
- Product innovation and simple fund disclosures drive adoption.
Conclusion
These four case studies prove that Takaful Implementation in Pakistan requires a balance between Shariah compliance, financial transparency, and customer-centric products. Whether through window operations or standalone models, success depends on trust, disclosure, and strategic distribution.
EFU Hemayah Takaful” provides direct access to insights on EFU’s digital transformation efforts—including partnerships with Bykea (for in-ride coverage) and NIFT ePay (for seamless digital payments).
Pak-Qatar Family Takaful has partnered with MedIQ to introduce a digital platform offering cashless OPD (Out-Patient Department) healthcare services—a major technological upgrade in Pakistan’s takaful space.
In a major move toward digital transformation, Dawood Family Takaful partnered with Innolytix Pakistan Pvt Ltd. to digitize 1.2 million pages of documents—covering everything from policies to claims—by deploying a full-fledged document management system on-site.
Read more about Islamic Banking in Pakistan and visit the SECP official website for detailed regulations on Takaful Implementation in Pakistan.
