cdc partners with salaam takaful in new agreement
Published on: June 13, 2024.
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Salaam Family Takaful Limited (SFTL), Pakistan’s first Islamic digital insurer, has partnered with the Central Depository Company of Pakistan Limited (CDC) to participate in the Centralized Information Sharing Solution for the Insurance Industry (CISSII) and the Centralized Insurance Repository (CIR). The agreement was signed by CEO of CDC, Badiuddin Akber, and CEO of SFTL, Rizwan Hussain, in the presence of other senior members from both companies.
SFTL, recently licensed by the Securities and Exchange Commission of Pakistan (SECP), is a groundbreaking digital-only Islamic life insurance company in the region. The company is dedicated to supporting the growth and development of the insurance industry through digitalization, a global trend in the sector.
On the other hand, CDC is a crucial capital market institution that provides electronic custody of securities and facilitates trade settlement. It has been actively contributing to the financial landscape in Pakistan by offering innovative solutions to various segments.
This collaboration between SFTL and CDC will enable the insurance company to leverage the benefits of CISSII and CIR, which are essential platforms for cross-industry information sharing. These systems, developed and managed by CDC, will enhance the efficiency and effectiveness of SFTL’s operations.
The partnership underscores the commitment of both organizations to embrace digitalization and revolutionize the insurance sector in Pakistan. By utilizing advanced technological solutions, SFTL aims to provide seamless services to its customers and stay at the forefront of industry innovation.
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