DUBAI Aug 16 Pakistan's conventional insurance
firms will have to wait a few more weeks to learn if they can
open takaful, or Islamic insurance, windows after a state court
on Thursday adjourned a case challenging new regulations for the
Pakistan's five takaful operators filed a petition in a
court in Sindh province, the country's second-largest Islamic
banking market, to protest the rules which allow conventional
insurers to offer takaful services.
"The court has been adjourned, a date has not been fixed
yet," said Vaseeq Khalid, senior associate at law firm Mohsin
Tayebaly & Co, which represents the takaful firms.
Khalid, speaking from Karachi, said the next hearing could
be in two to three weeks, while the court's initial injunction
blocking the rules remains in place. On Thursday, the court
handled administrative procedures related to the matter.
The new rules, launched last month, would make Pakistan the
second country after Indonesia to officially allow takaful
windows, which enable firms to offer sharia-compliant and
conventional products side by side, provided client money is
The rules also call for a centralised supervisory board to
monitor all takaful operators, including windows. Takaful is
seen as a bellwether of consumer appetite for Islamic finance
(Editing by Amran Abocar)