The five takaful companies that filed the petition are Takaful Pakistan, Dawood Family Takaful, Pak-Qatar Family Takaful, Pak-Qatar General Takaful and Pak-Kuwait Takaful Company.
During the hearing, the counsels of the takaful companies contended that the new rules had been issued by the SECP without considering the opinions of religious scholars who would have advised the regulator that the new rules were not in line with the Islamic principles.
They further contended that the new rules allowed conventional insurance companies to conduct takaful business alongside conventional insurance business without any checks or balances to ensure that principles of Shariah were not violated. If the new rules were allowed to be implemented, the existing takaful companies will be seriously prejudiced.
The court after hearing the counsels of the petitioners issued notices to the SECP, the deputy attorney general and the secretaries of the Ministry of Commerce, Ministry of Finance and Ministry of Law and Justice.
source: The Express United