Salaam Family Takaful Limited (SFTL), Pakistan’s pioneering digital insurer, and the Central Depository Company of Pakistan Limited (CDC) have recently inked a significant agreement. This collaboration sees SFTL joining the Centralized Information Sharing Solution for the Insurance Industry (CISSII) and the Centralized Insurance Repository (CIR), both pivotal systems administered by CDC. The signing ceremony was attended by key figures including Mr. Badiuddin Akber, CEO of CDC, and Mr. Rizwan Hussain, CEO of SFTL, alongside other senior members of both entities.
SFTL stands out as the first digital-only Islamic life insurance company in the region, demonstrating a steadfast commitment to advancing the insurance sector in line with global digitalization trends. Meanwhile, CDC, renowned for its role in the capital market, serves as an enabler in Pakistan’s financial landscape, offering innovative solutions and fostering efficiency and transparency through IT advancements.
CISSII, launched in 2014, and CIR, introduced in 2020, are key milestones in enhancing information sharing and transparency within the insurance sector, aligning with SECP’s vision for industry development.
Mr. Rizwan Hussain, CEO of SFTL, commended CDC and SECP for these initiatives, emphasizing SFTL’s support for endeavors aimed at enhancing transparency and ease of doing business. He reiterated SFTL’s dedication to collaborating with regulatory bodies, CDC, and industry peers for mutual growth.
Mr. Badiuddin Akber, CEO of CDC, welcomed SFTL to CISSII and CIR platforms, expressing anticipation for a fruitful partnership. He underscored CDC’s commitment to leveraging its technological prowess and reputation to bolster initiatives that drive growth and confidence in Pakistan’s financial landscape.
In essence, this collaboration signifies a concerted effort towards fostering transparency, efficiency, and growth within the insurance industry, underlining the collective commitment of SFTL, CDC, and SECP to elevate Pakistan’s financial ecosystem.