SECP, IFSB pledge to expand Islamic finance

SECP, IFSB pledge to expand Islamic finance

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

SECP Chairman Akif Saeed affirmed the organization’s commitment to support the continued development and expansion of the Islamic finance industry in Pakistan. He referred to the historic judgment of the Federal Syariah Court and the government’s pledge to change the entire financial system according to Sharia principles. Saeed highlighted the SECP’s accelerated efforts and major progress in enabling Islamic finance across all regulated sectors. The SECP has overhauled the Shariah governance framework and issued guidelines for offering Islamic Financial Services, which led to several milestones in the industry throughout the year, including Shariah-compliant REIT schemes, asset management companies, Islamic funds, and the issuance of Sukuk Ijarah GoP. The Chairman emphasized the listing of short-term Sukuk to broaden the investor base.

Head of Islamic Finance at SECP, Tariq Naseem, mentioned the capacity building roadmap in collaboration with various organizations, reaffirming Pakistan’s commitment to Islamic finance.

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