December 12, 2024 (MLN): The Chairman of the Securities and Exchange Commission of Pakistan (SECP), Akif Saeed, emphasized the launch of a strategic action plan aimed at advancing Islamic finance by the end of 2026.
He also outlined the ongoing work on Islamic financial legislation, describing it as crucial for establishing a robust foundation for Islamic financial services, as per the press release issued today.
The SECP, in collaboration with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Development Bank Institute (IsDBI), successfully hosted the Second International Islamic Capital Market Conference in Karachi.
The theme of the conference was "From Tech Transformation to Realizing Sustainability: Building an Islamic Capital Market."
The Conference produced several important takeaways that will shape the future of Islamic finance in Pakistan and beyond.
A major outcome of the event was the decision to publish a white paper outlining critical reforms and actionable strategies for the development of Islamic capital markets in Pakistan.
The white paper will supplement the efforts outlined in strategic action plan 2024-26 by incorporating learnings and global best practices introduced through the conference.
In his address, Federal Minister for Finance & Revenue, Senator Mohammad Aurangzeb, called Pakistan, the potential global hub for Islamic Financial Services.
He lauded SECPs commitment towards developing a robust Islamic market and thanked the international participants for their support in achievement of the objective.
Chairman Board of Trustees, AAOIFI, Shaikh Ebrahim Bin Khalifa Al Khalifa called the judgement of the Federal Shariah Court and the subsequent 26th amendment setting a target date for moving to the Islamic Financial System as monumental decisions.
He emphasized that these decisions will lead to Pakistan becoming a global role model.
He further stated that the implementation of Islamic Finance is not just about transactions but rather a transformation towards a more robust, proven, and time-tested system.
Chairman SECP, Akif Saeed, recalled the recent successes in the Islamic Financial Services arena.
These successes include the emergence of a new breed of Islamic Finance organizations, such as Islamic Fin-techs, Islamic Microfinance Institutions, Islamic Real-Estate Investment Trusts, and Asset Management Companies, among others.
Dr. Sami Alsuwailem, Acting Director General of Islamic Development Bank Institute, Saleem Ullah Deputy Governor State Bank and Mujtaba Ahmad Lodhi, Commissioner SECP also addressed the gathering.
After the inaugural session, Sheikh Ebrahim Bin Khalifa Al Khalifa inaugurated the concurrent Expo featuring Islamic Financial Service initiatives from a host of companies currently operating in Pakistan.
Copyright Mettis Link News
Posted on: 2024-12-12T17:04:44+05:00
