Insurance experts at a seminar organised by the Lahore Insurance Institute (LII) at Lahore Chamber of Commerce and Industry (LCCI) here on Friday said that the promotion of the Takaful, the Islamic mode of insurance, would ultimately help in promoting savings in the Islamic world besides enhancing Islamic funds and bonds like Sukuk.
The speakers at the seminar included President LCCI, Shahid Hassan Sheikh, Director Insurance, Securities and Exchange Commission of Pakistan (SECP), Shuaib Sufi, Principal Hailey College of Banking & Finance (HCBF), Muhammad Ikram, Chairman LII and S. Daood Ali Shah, Secretary, LII.
President LCCI, Shahid Hassan Sheikh said that Takaful, the Islamic system of insurance was based on the principles of collective protection, mutual cooperation and collective responsibility. He hoped that seminar would help remove the misconceptions about the Islamic insurance system. 'The history of Islamic insurance dated back to the second century of Islamic calendar when the Arab traders were expanding their activities in India, Malaysia, Sri Lanka, the Maldives and Central Asia", he added.
Zubair Mughal, Director Centre of Islamic Banking and Islamic Economics informed the audience that the Islamic financial market worth 260 billion dollars could prove a big boost to the Takaful companies.