CDC Pakistan and SFTL Sign Landmark Agreement Central Depository Company

CDC Pakistan and SFTL Sign Landmark Agreement

Salaam Family Takaful Limited (SFTL) and Central Depository Company of Pakistan Limited (CDC) have entered into an agreement for SFTL’s participation in the Centralized Information Sharing Solution for the Insurance Industry (CISSII) and Centralized Insurance Repository (CIR).

These key cross-industry information-sharing systems, developed and administered by CDC, mark a new era of digital integration and transparency in the insurance sector.

The agreement was signed by Mr. Badiuddin Akber, CEO of CDC, and Mr. Rizwan Hussain, CEO of SFTL, in the presence of Syed Nayyar Hussain, Executive Director of SFTL, Mr. Abdul Samad, COO of CDC, and other senior representatives from both organizations.

SFTL, recently licensed by the Securities and Exchange Commission of Pakistan (SECP), is the first digital-only Islamic life insurance company in the region. It remains committed to supporting the growth and development of the insurance industry in line with global digitalization trends. CDC, a pivotal institution in Pakistan’s capital market, provides electronic custody of securities and settlement of trades and has been instrumental in transforming businesses through innovative technological solutions.

In 2014, under the guidance of SECP, CDC launched the CISSII, creating a formal information-sharing mechanism among industry players. This initiative laid the foundation for harmonizing the sharing of critical information among stakeholders. In 2020, the launch of the CIR further enhanced this capability, allowing for the sharing of essential policy-related information across the industry.

Mr. Rizwan Hussain, CEO of SFTL, expressed his appreciation for CDC’s initiatives, stating, “SFTL sincerely appreciates the important initiatives of CISSII and CIR by CDC and SECP to facilitate transparency and risk mitigation in the insurance industry. We will always support initiatives aimed at enhancing transparency and facilitating ease of doing business in the economy. SFTL will continue to work with SECP, CDC, and our industry partners for the mutual benefit of all stakeholders and the nation at large.”

Mr. Badiuddin Akber, CEO of CDC, highlighted the organization’s commitment to leveraging its technological platform and expertise to facilitate groundbreaking initiatives. He remarked, “We welcome SFTL on board the CISSII and CIR platforms and look forward to a mutually beneficial partnership aimed at fostering growth and confidence. CDC’s strategic policy focuses on expanding its role as an infrastructure institution supporting various segments of Pakistan’s financial landscape by leveraging our state-of-the-art IT infrastructure and our reputation for reliability built over more than two decades.”

This agreement represents a significant step forward in enhancing the efficiency, transparency, and integration of Pakistan’s insurance industry, paving the way for future advancements and increased stakeholder confidence.