Table of Contents

1. What Happened?
   • SECP fined United Insurance
   • Company appealed but lost
2. The Problem Found
   • Missing money in Takaful fund
   • Fake adjustment of fees
3. Company’s 5 Arguments
   • Against SECP’s power
   • Said order wasn’t clear
   • Wrong law used
   • Fee adjustment was okay
   • Wanted less punishment
4. Court’s Decisions
   • Rejected all arguments
   • Fine stands at Rs. 100,000
5. Important Lessons
   • SECP is strict
   • Real money must be kept
   • No fake adjustments
6. Need Help?
   • Contact lawyer details

What Happened?

SECP fined United Insurance Rs. 100,000.
Company went to court but lost.

The Problem Found

1. Fund was short by Rs. 303.94 million
2. Company adjusted “Wakala fee” instead of adding real money
3. Broke Takaful Rules 10(1)(k) and 20(1)

Company’s 5 Arguments

1. “SECP can’t fine us”
   • Court said SECP has power
2. “Order not clear”
   • Court said it was clear
3. “Wrong law used”
   • Court said SECP used correct law
4. “Fee adjustment okay”
   • Court said must use real money
5. “Give less punishment”
   • Court said no

Court’s Decisions

• All arguments rejected
• Rs. 100,000 fine stays
• Must follow rules properly

Important Lessons

✔ SECP checks carefully
✔ Keep real money in funds
✔ No paper tricks allowed

Need Help?

Contact:
Muhammad Amin Advocate
🏢 Tehkal, Peshawar University Road
📞 0313-9708019