This document discusses the history and development of Takaful (Islamic insurance) globally and in Pakistan. It provides the following key points: 1. Takaful first emerged in the 1970s as an alternative to conventional insurance that is compliant with Islamic principles. The first Takaful company was established in Sudan in 1979. 2. Takaful gained regulatory recognition and support in the late 1980s and 1990s in countries like Malaysia. Pakistan introduced regulations for Takaful in the 2000s and the first Takaful operators launched there in 2004-2007. 3. The Wakalah and Wakalah + Waqf models are the most commonly used operational models for Takaful