Islamabad: Securities and Exchange Commission of Pakistan (SECP) has issued Pakistan’s first Shariah-compliant digital general takaful operator license to First Digital Takaful Company Limited and the country’s first Digital Investment Advisory Services license to Wealthbridge Management Limited.
The Commission also granted a license to Punjab Life Insurance Limited, making it the country’s first provincial government-owned life insurance company established for the Punjab Health Initiative Program.
According to official data, the SECP has made significant progress in reducing its pending application backlog during the past three months despite operational challenges faced under the new management. The Commission was handling a total caseload of 1,143 applications, including 729 pending cases and 414 new applications received during the same period.
Out of these applications, the SECP successfully disposed of 510 cases, reducing the pending caseload to 633. The processed applications included 84 license applications, 20 prior permissions, 53 approvals related to Boards of Directors and Chief Executive Officers, and 264 license renewals.
In addition, the Commission processed seven share transfer cases and issued 45 other approvals. Around 37 cases were closed due to withdrawal by applicants, non-response, or failure to fulfill regulatory requirements.
As part of its reform agenda, the SECP is removing the requirement for prior security clearance for foreign individuals seeking licenses in Pakistan. The regulator is also simplifying documentary requirements for Section 42 companies to facilitate the non-profit sector and improve the incorporation process.
The reforms are part of SECP’s broader strategy to modernize Pakistan’s financial regulatory framework, encourage innovation, and strengthen digital financial infrastructure. The approval of First Digital Takaful Company Limited marks an important milestone in Pakistan’s Islamic finance sector by combining digital technology with Shariah-compliant insurance services.
Meanwhile, Wealthbridge Management Limited has become the first company to receive a Digital Investment Advisory Services license under SECP’s new digital regulatory framework, paving the way for further innovation in Pakistan’s financial services industry.