Licensing requirements for Window Takaful Operations (WTO)

  • Application as per format provided in Annexure – I of the Circular 8 of 2014
  • Deposit of Rs. 50 million in a separate bank account for window takaful business
  • Documents as per Annexure – II of the Circular 8 of 2014 which include:
    • Company profile
    • Ownership structure (shareholding pattern)
    • Organizational structure (present and proposed)
    • Copies in respect of
    • Certificate of incorporation under Companies Ordinance, 1984
    • Certificate of registration under Insurance Ordinance, 2000
    • Minutes of Meeting of the Board of Directors of the Company resolving for commencement of Window Takaful Operations and seeking approval of Commission for WTO
    • Memorandum and Articles of Association while object clause includes WTO
    • Proposed Re-takaful treaties
    • In case of Family Takaful, the statement of statutory funds to be established by the operator
    • In case of Family Takaful, documents of registration set out in Section 6(8) of the Insurance Ordinance, 2000
    • Participant Takaful Fund policies
    • Certificate of statutory Auditor entailing transfer of an amount of Rs.50 million for WTO
    • Copy of board resolution undertaking the utilization of Rs.50 million for WTO
    • CV of proposed Shariah advisor
    • CV of proposed Shariah Compliance Officer along with declaration on stamp paper in line with Insurance Companies (Sound and Prudent Management) Regulations, 2012
    • CV of proposed Head of Window Takaful Operation along with declaration on stamp paper in line with Insurance Companies (Sound and Prudent Management) Regulations, 2012
    • Name and address of Shariah Compliance Auditor and consent of Auditor to act as Shariah Compliance Auditor with a brief profile of auditor
    • Latest published audited annual financial statements of the applicant
    • Business Plan showing projected takaful business and projected cash flows of not less than ten years from the date of application for life Insurer and not less than three years from the date of application for non-life insurer as per details provided in Annexure – II of the Circular 8 of 2014
    • Statement of compliance on Code of Corporate Governance
    • Declaration from Board of Directors that all takaful undertakings will be in accordance with the injunctions of Shariah
    • Any other document/ information as may be specified in writing by the Commission