The board of First Takaful Insurance Company, a 53.447%-owned subsidiary of International Financial Advisors (IFA), has approved to enter into a new investment in an Islamic insurance company, under establishment in Pakistan.

The maximum value of the approved investment amounts to $3 million, according to a bourse filing on Sunday.

Hence, the investments of First Takaful Insurance will rise by $3 million and decline from prepaid investments of $3 million.

The insurance company in Pakistan will focus on offering a savings insurance product to enable Muslims with limited income to perform the pilgrimage.