The Sindh High Court Thursday restrained the Securities and Exchange Commission of Pakistan (SECP) from implementing the Takaful Rules, 2012 issued by it while hearing a constitutional petition filed by five Takaful companies challenging the Takaful Rules, 2012. Represented by advocates Arshad M. Tayebaly and Taimur Ali Mirza, the five Takaful petitioners include Takaful Pakistan, Dawood Family Takaful, Pak-Qatar Family Takaful, Pak-Qatar General Takaful and Pak-Kuwait Takaful Company. The apex regulators from the SECP had notified the Takaful Rules, 2012 on July 16, 2012 under which conventional insurance companies had been allowed to carry on takaful business through window operations. The takaful companies had raised serious objections that the new rules would result in the distortion of the Takaful business in Pakistan and would allow conventional insurance companies to do takaful business in a manner which would be against the principles of Shariah.