Shariah | Takaful Pakistan Limited | Shariah Insurance Pakistan

Shariah Compliance

Our shariah compliance function is a key element of company’s structure, carrying the responsibility of ensuring that all products and services offered by Takaful Pakistan are fully compliant with the principles of shariah law. The Shariah compliance function reviews and provide guidelines and approvals for all potential new product offerings. With demand for shariah-compliant Takaful services growing at a faster rate, the shariah compliance function plays a vital role in helping to develop new procedures and products to adapt the company to industry trends and customer expectations. Takaful Pakistan, as a company, feel honored that its Shariah compliance is ensured under the patronage of Justice (Retd.) Mufti Muhammad Taqi Usmani, whose name needs no introduction

Shariah Supervisory Council of Takaful Pakistan:

  • Shariah Supervisor:
    Usmani and Co.
  • Whose Patron In-chief is:
    Honorable Justice (Retd.) Mufti Muhammad Taqi Usmani
  • & Chairman is:
    Dr. Imran Ashraf Usmani
  • Shariah Advisor:
    Mufti Sajjad Ashraf Usmani

Objective and Purpose of Shariah Supervisory Council:

The Shariah Supervisory is an independent body specializing in Fiqh al Mua`malat (Islamic commercial jurisprudence). The Shariah Supervisory shall be directing, reviewing and supervising the activities of the Takaful Pakistan Limited in order to ensure that they are in compliance with Islamic Shariah rules and principles.

Participant Takaful Fund Policies:

Shariah Advisor

Takaful Pakistan Limited aims to be the trend setter for the entire industry by providing high standard Shariah-compliant Takaful products to its clients backed by efficient clients’ servicing. Takaful Pakistan Limited believes in transparency and Shariah Compliance in its operations. For this purpose, Takaful Pakistan Limited has acquired the services of renowned Islamic scholar Mufti Sajjad Ashraf Usmani to supervise all the operational activities of Takaful Pakistan Limited and ensures that Shariah guidelines are being scrupulously adhered to by the Company in all its activities.


Mufti Sajjad Ashraf Usmani Profile

Mufti Sajjad Ashraf Usmani is an extremely distinguished graduate of Jamia Darul-Uloom Karachi. He studied at Jamiah Darul-Uloom Karachi, where he received Shahadat Al-Aalmiyyah (Master's degree in Islamic Studies and Arabic) and completed Al-Takhassus Fil Ifta (specialization in Islamic Jurisprudence). Besides Islamic Education, he is also well-versed with the western sciences having a degree in B.A (Economics) from University of Karachi. Mufti Sajjad has special interest in the promotion of Islamic Finance particularly in the facilitation of conversion of conventional setups into Shariah-based organizations.

Fatwa on Takaful

The Islamic Fiqh Academy emanating from the Organization of Islamic conference, meeting in its Second Session in Jeddah, Saudi Arabia, from 10 to 16 Rabiul Thani, 1406 H (corresponding to 22-28 December, 1985) issued a resolution which in summary stated the following:

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  • The commercial insurance contract…is prohibited (Haraam) according to the Shariah.
  • The alternative contract which conforms to the principle of Islamic dealings is the contract of cooperative insurance (Takaful), which is founded on the basis of charitable donation and Shariah compliant dealings.

After reviewing the presentations made by participating scholars during the session on the subject of ‘Insurance/Re-insurance;

And after closely examining all types and forms of insurance and deeply examining the basic principles upon which the are founded and their goals and objectives;

And after discussing the same;

And having looked into what has been issued by the Fiqh Academies and other instituitions in ths regard;

Muslim jurists therefore concluded that

  • Insurance should be based on the principles of mutuality and cooperation.
  • Insurance products should be founded on the basis of Tabarru, an Arabic noun meaning ‘donation, gift, contribution’.
  • The insurance company must conduct all its affairs in line with the Shariah
  • The participants mutually contribute to the same fund for the purpose of mutual indemnity in case of risk and harm.