The Securities and Exchange Commission of Pakistan (SECP) has issued the country’s first Shariah-compliant digital general takaful operator license along with its first Digital Investment Advisory Services license, marking a significant step toward financial sector digitization and regulatory modernization.

According to the regulator, First Digital Takaful Company Limited has been granted Pakistan’s first digital takaful operator license, while Wealthbridge Management Limited has received the first-ever Digital Investment Advisory Services license.

In another development, Punjab Life Insurance Limited has been licensed as Pakistan’s first provincial government-owned life insurance company under the Punjab Health Initiative Program.

The SECP said these approvals are part of broader reforms aimed at strengthening digital financial infrastructure, improving regulatory efficiency, and encouraging innovation in the financial services sector.

Over the past three months, the regulator reported a notable reduction in its licensing backlog despite a high volume of applications. It received 414 new applications on top of 729 pending cases, bringing the total workload to 1,143 applications. During this period, 510 cases were disposed of, reducing the backlog to 633.

Disposed cases included licensing approvals, renewals, corporate permissions, board and CEO-related approvals, and share transfer requests. The Commission also closed 37 cases due to withdrawals, non-compliance, or lack of follow-up from applicants.

As part of ongoing reforms, the SECP has also removed the requirement for prior security clearance for foreign individuals applying for licenses and simplified documentation requirements for Section 42 companies to support the non-profit sector.

Officials said the reforms are designed to promote ease of doing business, attract foreign participation, and modernize Pakistan’s regulatory and digital financial ecosystem.