SECP releases diagnostic reports to accelerate growth of Islamic Finance

February 22, 2023 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has released a diagnostic report highlighting the key issues and challenges for Islamic finance in the non-bank financial sector, said a statement issued by the commission on Wednesday.

The report, which was launched in collaboration with the IBA Centre for Excellence in Islamic Finance, takes stock of the current state of Islamic finance in Pakistan and contains specific recommendations for its promotion.

The diagnostic study was conducted to comply with the Federal Shariat Court's ruling and to standardize and improve the quality of Islamic financial products and services. The suggested actions aim to speed up the growth of Islamic finance in SECP's regulated sectors.

During the launch event, Mr. Akif Saeed, Chairman SECP, emphasized the importance of Islamic finance and the need to accelerate its growth in the country.

He thanked the Shariah scholars and professionals from the industry for their valuable contributions and applauded the collaboration and support from the State Bank of Pakistan (SBP).

The roundtable participants, including members of SECP's Shariah Advisory Committee, functional committee on Islamic finance, industry professionals, and Shariah scholars, agreed that Islamic finance is inevitable and a driver for shared prosperity.

The reports are expected to create a conducive environment for the implementation of a strategic action plan and serve as a conduit for further research.

These reports cover key aspects of Islamic finance development in the non-banking sector and are expected to accelerate efforts for the growth of Islamic capital markets, takaful industry, and Islamic financial institutions.

The reports are expected to pave the way for a more strategic and coordinated approach to the development of Islamic finance in Pakistan.

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