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.
The development is being viewed as a meaningful step toward improving insurance and takaful inclusion in Pakistan. Digital-only operators are structured to significantly reduce operating and distribution costs, enabling affordable, small-ticket protection products to be offered at scale for the masses.
Commenting on the approval, Dr Saira Siddique, CEO of MedIQ Private Limited, said that the registration reflects a shift in how takaful can be delivered in Pakistan.
“Digital-only takaful models have the potential to make Shariah-compliant protection more accessible, affordable, and inclusive Insurance. By leveraging technology and digital distribution, we can significantly expand the reach of takaful across Pakistan.”
First Digital Takaful plans to offer Shariah-compliant general protection products through digital platforms. Its proposed product portfolio includes health, personal accident, auto, travel, devices, assets, agriculture, livestock and income protection.
SECP has stated that the approval of digital-only insurance and takaful operators aligns with its broader objective of promoting seamless policyholder onboarding, transparency, accountability and encouraging the adoption of innovative, technology-enabled solutions across the insurance and takaful industry. Industry stakeholders expect the move to enhance competition, accelerate innovation, and contribute toward building a more inclusive and efficient protection ecosystem in Pakistan.
