CENTRE OF ISLAMIC BANKING& ECONOMICSPress ReleaseInitiation of “Takaful Consultancy Wing” for the advancement of TakafulTakaful industry is thriving globally; its market size reaches 12 billion US$15th Feb, 2013.(Lahore- Pakistan) Islamic insurance (Takaful) is flourishing all around the world alongside Islamic Banking.Its global market size has reached 12 billion USD whereas the number of Islamic Takaful institutions hasexceeded to 350. These views were expressed by Muhammad Zubair Mughal, the Chief Executive Officer ofAlHuda Centre of Islamic Banking and Economics (CIBE) at the inauguration of AlHuda CIBEs subsidiary"Takaful Consultancy Wing". The inaugurated was held by Justice (r) Khalil Ur Rehman, Shaiah Advisory ofAlBarkah Bank in the ceremony organized at the head office of AlHuda Centre of Islamic Banking andEconomics. Captain Jamil Akhtar Khan, Ex Chief Executive Officer, Takaful Pakistan, Abdul Samad, theShariah Advisory Bank of Khyber and other prominent personnel of Islamic banking industry attended theceremony.
Muhammad Zubair Mughal said that though Takaful industry is prospering in the recent times; however itsalso facing certain challenges which include: issues regarding re-Takaful, regulatory challenges, competitionand lack of human capital. These issues can be resolved by employing effective strategies and throughproper planning. Unfortunately, there is not a single institution in the world which can provide guidance toTakaful industry on the above mentioned issues. Hence, to overcome all these challenges and issues ofTakaful industry, AlHuda CIBE established a Takaful Consultancy Wing. Its principle consultant will beCaptain Jamil Akhtar Khan who is a renowned and notable personality of Takaful industry. He has theexpertise on Takaful regulatory issues, establishment of Takaful companies and other related departments.Captain Jamil Akhtar Khan said that Takaful Consultancy Wing will be an independent institution which willprovide its services to other organizations for the establishment of new Takaful companies, research,advisory, training, re-Takaful, Shariah guidance and other Takaful related matters. It will be a distinguishedinstitution because of its services. Justice (r) Khalil Ur Rehman said that Takaful industry was in need of suchinstitution from a long time, so that services related to Takaful industry can be provided internationally in anefficacious way. He also said that Islamic banking and Takaful are interdependent; hence in order to strengththe Islamic banking industry, Takaful industry has to be strengthened as well. He was confident that AlHudawill play a vital role in this regard.Head Office: 192- Ahmad Block, Ph: +92-42-35913096-8 E-mail: email@example.comNew Garden Town Lahore, Pakistan. Fax: +92 -42-35913056 Website: www.alhudacibe.com