The Securities and Exchange Commission of Pakistan (SECP) has issued the country’s first Shariah-compliant digital general takaful operator license and first Digital Investment Advisory Services license as part of broader efforts to modernize Pakistan’s financial sector and promote digital innovation.
According to the SECP, First Digital Takaful Company Limited received Pakistan’s first digital takaful operator license, while Wealthbridge Management Limited was granted the country’s first Digital Investment Advisory Services license.
The regulator also licensed Punjab Life Insurance Limited as Pakistan’s first provincial government owned life insurance company under the Punjab Health Initiative Program.
The SECP said the approvals form part of wider reforms aimed at encouraging innovation, strengthening digital financial infrastructure, and improving regulatory efficiency. During the past three months under the new management, the Commission significantly reduced its pending licensing backlog despite operational challenges.
According to official figures, the SECP inherited 729 pending applications and received another 414 fresh applications during the period, taking the total caseload to 1,143 applications. Out of these, 510 applications were disposed of, reducing pending cases to 633.
The disposed cases included 84 licensing applications, 20 prior permissions, 53 approvals related to Boards of Directors and chief executives, 264 license renewals, seven share transfer cases, and 45 other approvals.
The Commission also closed 37 cases due to withdrawals, lack of response from applicants, or failure to meet regulatory requirements. As part of the reforms, the SECP said it is removing the requirement for prior security clearance for foreign individuals applying for licenses.
The regulator is also simplifying documentary requirements for Section 42 companies in an effort to facilitate the non profit sector and streamline the incorporation process.
Officials said the reforms are intended to strengthen Pakistan’s digital financial ecosystem, improve ease of doing business, encourage foreign participation, and modernize the country’s regulatory framework.
