Saturday, June 15, 2024

CDC Pakistan and Pakistan’s First Islamic Digital Insurer Salaam Family Takaful Limited (SFTL) Sign Agreement for CISSII and CIR

Newly licensed by SECP, Pakistan’s first Digital Insurer Salaam Family Takaful Limited (SFTL) and Central Depository Company of Pakistan Limited (CDC) have entered an arrangement for SFTL’s participation in the Centralized Information Sharing Solution for the Insurance Industry (CISSII) and Centralized Insurance Repository (CIR) which are key cross-industry information sharing systems developed and administered by CDC. The agreements were signed by Mr. Badiuddin Akber CEO-CDC and Mr. Rizwan Hussain CEO-SFTL, in the presence of Syed Nayyar Hussain Executive Director-SFTL, Mr. Abdul Samad COO-CDC, and others senior members of the Companies.

Salaam Family Takaful Limited holds the distinction of being the first digital only Islamic Life Insurance company in the region, persevering in its commitment & support towards the growth and development of the insurance industry in-line with the global trends of digitalization. Central Depository Company of Pakistan (CDC), besides being an integral capital market institution providing electronic custody of securities and settlement of trades, has been successfully playing the role of an ENABLER by providing innovative solutions to diverse segments of Pakistan’s financial landscape. CDC has always taken the initiative for transforming businesses by increasing efficiency and transparency by leveraging Information Technology, while reducing cost of doing business and saving cumbersome efforts on the part of the stakeholders. In line with CDC’s visionary approach and under the impetus of SECP, The Centralized Information Sharing Solution for the Insurance Industry (CISSII) was launched in April 2014 as an important milestone laying the foundations of a formal information sharing mechanism among the Industry players and harmonizing the sharing of critical information among the stakeholders. The Centralized Information Repository (CIR), subsequently launched by CDC in 2020, took this information sharing even further by allowing the critical policy-related information to be shared and made available to the relevant stakeholders across the Industry.

Speaking on the occasion, Mr. Rizwan Hussain CEO-SFTL said, “SFTL sincerely appreciates these important initiatives of CISSII and CIR by CDC and SECP to facilitate transparency and risk mitigation in the Insurance Industry. I would also like to highlight here that we would always support such initiatives that are aimed at enhancing transparency and facilitating Ease of Doing Business in the economy. SFTL will continue to work with SECP, CDC and our honorable fraternity from the Industry for the mutual benefit of all the stakeholders and of the nation at large!”

Commenting on the occasion, Mr. Badiuddin Akber CEO-CDC said, “CDC has a state of the art technological platform and vast expertise to facilitate the development and operation of such groundbreaking initiatives. We welcome SFTL on-board the CISSII and CIR platforms and look forward to a mutually beneficial partnership aimed at fostering growth and confidence. For us at CDC, these platforms have been developed and evolved in line with CDC’s strategic policy to expand its role as an Infrastructure institution facilitating other segments of the financial landscape of Pakistan by leveraging on CDC’s state of the art IT infrastructure and reputation of confidence that it has developed over the span of more than two decades.”

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