Islamic Insurance and Finance History in Pakistan
Islamic Insurance and Finance History in Pakistan Insurance in Pakistan has a history dating back to the early 20th century when the country was still under British rule. The first insurance company in Pakistan was the Oriental Fire and General Insurance Company, which was established in 1923. After the creation of Pakistan in 1947, the government took steps to promote the insurance industry, and several new companies were established. The government also established the Pakistan Insurance Corporation in 1952, which was a state-owned insurance company. In 1961, The Insurance Act is passed, which establishes the regulatory framework for the insurance industry in Pakistan. Insurance In the 1970s, the government nationalized the insurance industry, and all private insurance companies were brought under state control. State Life Insurance was sole government owned insurance sector. However, in the 1990s, the government began to privatize the industry, and several private...