SECP, IFSB pledge Islamic finance expansion

ISLAMABAD:

A three-day capacity-building workshop on Islamic Capital Markets, jointly organised by the Securities and Exchange Commission of Pakistan (SECP) and the Islamic Financial Services Board (IFSB), concluded on Friday, underscoring Pakistan’s significant progress in developing the Islamic finance industry. The workshop aimed to enhance the capacity of regulatory and supervisory authorities.

Chairman SECP Akif Saeed reaffirmed the organisation’s commitment to supporting the continued development and expansion of the Islamic finance industry in Pakistan. He referred to the historic judgment of the Federal Shariat Court and the government’s pledge to transform the entire financial system in accordance with Shariah principles. Saeed highlighted SECP’s accelerated efforts and considerable progress in enabling Islamic finance across all regulated sectors. The SECP has revamped the Shariah governance framework and issued guidelines for offering Islamic Financial Services, leading to several milestones in the industry during the year, including Shariah-compliant REIT schemes, asset management companies, Islamic funds, and GoP Ijarah Sukuk issuance. The chairman highlighted listing short-term Sukuk to broaden investor base.

Head of Islamic Finance at SECP, Tariq Naseem, mentioned a roadmap for capacity building in partnership with various organisations, affirming Pakistan’s commitment to Islamic finance.

Published in The Express Tribune, April 27^th, 2024.

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