Diversification of Islamic Financial Instruments
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Table 33. Structures of 2016 Corporate and Sovereign Sukuk Issued in Pakistan
Name of
Issuer
Date of
Issue
Issue
Size
(Billion
Rs.)
Tenure
Type
Structure
Profit
Rates Soverign/
Corporate
Listed/
Unlisted
Neelum
Jehlum
Hydro Power
Company
Limited
29/Jun/16 100 10 yrs Sovereign Unlisted
Diminishing
Musharaka
6M
KIBOR +
113 bps
Pak Elektron
Limited 25/Aug/16 1.072 15 mon Corporate Unlisted
Diminishing
Musharaka
3M
KIBOR +
250 bps
Meezan Bank
Limited 22/Sep/16 7.0 10 yrs Corporate Unlisted
Tier II Sukuk
based on
Mudaraba
6M
KIBOR +
70 bps
Fatima
Fertilizer
Company
Limited
29/Dec/16 10.5 5 yrs Corporate Listed ijarah
6M
KIBOR +
1.10%
Source: Securities and Exchange Commission of Pakistan, 29th April 2017
3.3.5 TAKAFUL (ISLAMIC INSURANCE) IN PAKISTAN
The Takaful industry took its first step in Pakistan in the year 2005, with the introduction of
the Securities and Exchange Commission of Pakistan (SECP) Takaful Rules. In 2006, the first
General Takaful operator, Pak-Kuwait Takaful was established, and in the same year,
The SECP passed a regulatory framework for Takaful Window operations in 2015, and by the
end of 2016, there were as my as sixteen window Takaful operators in Pakistan, both for
Family and General Takaful. The table below lists the different full-fledged and window
Takaful operators and their products.
Table 34. Family and General Takaful Operators in Pakistan as at December 2016
Full Fledged Takaful Operators
Sr. No. Name of Takaful Operator Nature
1 Pak-Qatar Family Takaful Limited Family/Life
2 Dawood Family Takaful Family
3 Pak-Qatar General Takaful Limited General/ Non-Life
4 Takaful Pakistan Limited General
5 Pak-Kuwait Takaful Limited General
Windows Takaful Operators (Post 2015)
Sr. No. Name of Takaful Operator Nature
1 EFU Life Assurance Limited Family
2 Jubilee Life Insurance Company Limited Family
3 IGI Life Insurance Limited Family
4 Adamjee Life Assurance Limited Family
5 State Life Insurance Company Limited Family