KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has granted registration to First Digital Takaful Company Limited, a wholly owned subsidiary of MedIQ Private Limited, making it the country’s first Sharia-compliant, digital-only general Islamic insurance operator, a statement said on Thursday.
According to an official announcement shared by SECP, the approval enables First Digital Takaful to offer a fully end-to-end digital customer journey, covering onboarding, contribution payments, digital certificate issuance, and claims management. The registration introduces a new operating model within Pakistan’s takaful industry, allowing a general takaful operator to function entirely through digital channels without physical branches.
Digital-only operators are structured to significantly reduce operating and distribution costs, making it viable to offer affordable, small-ticket protection products at scale for the masses.
First Digital Takaful plans to offer Sharia-compliant general protection products through digital platforms. Its proposed product portfolio includes health, personal accident, auto, travel, devices, assets, agriculture, livestock, and income protection.
