Securities and Exchange Commission of Pakistan (SECP) issued country’s first Shariah-compliant digital general takaful operator license to First Digital Takaful Company Limited and first Digital Investment Advisory Services license to Wealthbridge Management Limited. The SECP also licensed Punjab Life Insurance Limited as Pakistan’s first provincial government-owned life insurance company for Punjab Health Initiative Program.
The Commission significantly reduced pending application backlog during last three months since new management took charge despite operational challenges. SECP had 729 outstanding licensing applications while another 414 fresh applications arrived during the period taking total caseload to 1,143 applications. The Commission disposed 510 applications reducing pending cases to 633 according to official statements.
The disposed applications included 84 license applications, 20 prior permissions, 53 approvals for Boards of Directors and CEOs, and 264 license renewals. The Commission also processed seven share transfer cases and 45 other approvals while closing 37 cases due to withdrawal, lack of response from applicants, or non-fulfillment of regulatory requirements.
SECP is removing cumbersome requirement of prior security clearance for foreign individuals applying for licenses as part of reforms. The Commission is also rationalizing documentary requirements for Section 42 companies to facilitate non-profit sector and improve incorporation process. The changes aim to encourage foreign participation in Pakistan’s financial sector.
The reforms are part of SECP’s broader strategy to modernize Pakistan’s financial regulatory framework, facilitate innovation, and strengthen digital regulatory infrastructure. First Digital Takaful Company Limited marks milestone in Pakistan’s Islamic finance sector combining digital technology with Shariah-compliant insurance products. Wealthbridge Management Limited becomes first company to receive Digital Investment Advisory Services license under new regulatory framework.
