1. CENTRE OF ISLAMIC BANKING
& ECONOMICS
Press Release
Initiation of “Takaful Consultancy Wing” for the advancement of Takaful
Takaful 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 has
exceeded to 350. These views were expressed by Muhammad Zubair Mughal, the Chief Executive Officer of
AlHuda Centre of Islamic Banking and Economics (CIBE) at the inauguration of AlHuda CIBE's subsidiary
"Takaful Consultancy Wing". The inaugurated was held by Justice (r) Khalil Ur Rehman, Shai'ah Advisory of
AlBarkah Bank in the ceremony organized at the head office of AlHuda Centre of Islamic Banking and
Economics. Captain Jamil Akhtar Khan, Ex Chief Executive Officer, Takaful Pakistan, Abdul Samad, the
Shari'ah Advisory Bank of Khyber and other prominent personnel of Islamic banking industry attended the
ceremony.

2. Muhammad Zubair Mughal said that though Takaful industry is prospering in the recent times; however it's
also facing certain challenges which include: issues regarding re-Takaful, regulatory challenges, competition
and lack of human capital. These issues can be resolved by employing effective strategies and through
proper planning. Unfortunately, there is not a single institution in the world which can provide guidance to
Takaful industry on the above mentioned issues. Hence, to overcome all these challenges and issues of
Takaful industry, AlHuda CIBE established a Takaful Consultancy Wing. Its principle consultant will be
Captain Jamil Akhtar Khan who is a renowned and notable personality of Takaful industry. He has the
expertise 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 will
provide 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 distinguished
institution because of its services. Justice (r) Khalil Ur Rehman said that Takaful industry was in need of such
institution from a long time, so that services related to Takaful industry can be provided internationally in an
efficacious way. He also said that Islamic banking and Takaful are interdependent; hence in order to strength
the Islamic banking industry, Takaful industry has to be strengthened as well. He was confident that AlHuda
will play a vital role in this regard.
Head Office: 192- Ahmad Block, Ph: +92-42-35913096-8 E-mail: info@alhudacibe.com
New Garden Town Lahore, Pakistan. Fax: +92 -42-35913056 Website: www.alhudacibe.com