S.R.O. 311(I)/2025, Islamabad, the 3rd March, 2025

GOVERNMENT OF PAKISTAN SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 3rd March, 2025 NOTIFICATION S.R.O. 311(I)/2025.- In exercise of the powers conferred by sub-section (3) of section 167 of the Insurance Ordinance, 2000 (XXXIX of 2000) read with sub-section (1) and (2) of section 46 thereof and rule 29 of the Takaful Rules, 2012, the Securities and Exchange Commission of Pakistan, with the approval of the Policy Board, is pleased to make the following amendments to the General Takaful Accounting Regulations, 2019, the same having been previously published in the official Gazette through S.R.O. 569(I)/2024 dated April 8, 2024, namely:- AMENDMENTS In the aforesaid Regulations, in regulation 6,- (a)    in sub-regulation (1), in clause (a) after the words “Window Takaful Operations”, the expression, “(i.e. OPF and PTF)” shall be inserted; (b)    in of sub-regulation (3), in clause (a) after the words “Window Takaful Operations”, the expression, “(i.e. OPF and PTF)” shall be inserted; and (c)    after sub-regulation (3), amended as aforesaid, the following new sub-regulation (3A) shall be inserted, namely: - â€œ(3A)  Insurers whose window takaful operations form twenty-five percent (25%) or more of their overall operations based on gross contribution, may as an alternative to sub-regulation (3), disclose their Takaful results in their published financial statements as follows,- (a)    the assets and liabilities of the conventional operations shall be consolidated with the assets and liabilities of window general takaful operations (i.e. OPF and PTF) in the statement of financial position of the…