KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has granted a license to 5th Pillar Family Takaful Limited to operate in Pakistan. The first foreign investment in the insurance sector after many years, 5th Pillar is majority owned by reputed business houses from Kuwait and supported by well-known investors from Pakistan.

The company has appointed Nasar-us-Samad Qureshi as Chief Executive Officer, who is a well known insurance professional with over 45 years experience in the industry in the UAE and Pakistan.

The 5th Pillar Family Takaful Limited aspires to become a leading player in the family Takaful market offering innovative new products to the insuring public in Pakistan.

The company expects to commence business operations in the 2nd quarter of next year after securing necessary regulatory approvals for commencement of business.

Copyright Business Recorder, 2021