State Life Insurance Corporation of Pakistan (SLICP), the biggest player in conventional life insurance, intends to enter in the Takaful (Islamic Insurance) business soon, it is reliably learnt. To capture its share in the potential domestic market, the company is expected to start Islamic insurance business (Takaful) in next few months.
"The new insurance rules allow the existing conventional insurance companies to start Takaful business", a senior SLICP official told Business Recorder. "We are ready to enter in the Islamic insurance business and hopefully the company will start Takaful business in the current year," he added.
The company would be able to offer both insurance options (Islamic and conventional) to its clients. The SLICP, the largest life insurance company in the country, would provide opportunities to its clients to avail any option i.e. Islamic or conventional insurance plans, he said.
He pointed out that SLICP is also planning to introduce new products to increase client base. He was optimistic that the launch of Islamic insurance business (Takaful) will help the SLICP to increase its client base.