SECP Issues Pakistan’s First Digital Takaful Licence

The Securities and Exchange Commission of Pakistan has granted Pakistan’s first Shariah-compliant digital general takaful operator licence to First Digital Takaful Company Limited, alongside the country’s first Digital Investment Advisory Services licence issued to Wealthbridge Management Limited.

In a separate development, the SECP also announced the issuance of a licence to Punjab Life Insurance Limited, making it the first life insurance company owned by a provincial government under the Punjab Health Initiative Program.

According to the commission, the newly appointed management substantially reduced the backlog of pending licensing applications during the past three months despite facing operational and administrative challenges.

The regulator disclosed that it had inherited 729 pending licensing applications, while an additional 414 new applications were submitted during the review period, increasing the total caseload to 1,143 matters.

Out of the total applications, the SECP processed and disposed of 510 cases, thereby reducing the pending application volume to 633.

The resolved matters included 84 licence issuances, 20 prior regulatory permissions, 53 approvals concerning boards of directors and chief executive officers, 264 licence renewals, seven share transfer approvals, and 45 additional regulatory authorisations.

The commission further stated that 37 cases were closed due to withdrawal by applicants, lack of response, or failure to satisfy prescribed regulatory and compliance requirements.

As part of its ongoing regulatory reform agenda, the SECP announced the removal of prior security clearance requirements for foreign individuals applying for licences within Pakistan’s regulated sectors.

The regulator is also simplifying documentary and incorporation requirements applicable to Section 42 companies in order to facilitate non-profit organisations and improve ease of doing business for the sector.

According to the commission, these reforms form part of a broader strategic initiative aimed at modernising Pakistan’s financial regulatory environment, promoting innovation and foreign participation, and strengthening the country’s digital regulatory infrastructure.