SECP to assess IFSB compliance to strengthen Islamic capital market

December 04, 2024 (MLN): The Securities and Exchange Commission of Pakistan (SECP) is now planning to have an assessment of compliance with IFSB’s principles for Islamic capital markets to further enhance the global standing of Pakistan in Islamic finance.

This will be further discussed at the Second International Islamic Capital Market Conference, 2024, the SECP revealed during a press briefing on Tuesday.

Tariq Naseem, Head of Islamic Finance, highlighted significant progress in Islamic finance within SECP-regulated sectors.

Shariah-compliant segments now account for 55% of market capitalization of listed securities, 48% of mutual fund assets, and 65% of voluntary pension fund assets.

Additionally, 95% of REITs under SECP regulation are Shariah-compliant, showcasing the robust integration of Islamic finance into Pakistan's capital markets.

He also mentioned that the level of compliance of Pakistan’s capital market with IOSCO principles for securities regulation was assessed at 86% in an independent international assessment conducted in 2015 and 2018.

The briefing was led by SECP Chairman Akif Saeed, Commissioner Mujtaba Ahmed Lodhi, and Executive Director Khalida Habib, who highlighted the importance of the upcoming conference.

The second international Islamic capital market conference, 2024 being organized by SECP in collaboration with AAOIFI and IsDBI, will be held on December 12, 2024, at the Pearl Continental Hotel in Karachi.

The esteemed co-hosts bring unparalleled expertise in advancing Islamic finance globally.

AAOIFI, as a global standard-setting body for Islamic financial institutions, and IsDBI, the research arm of the Islamic Development Bank Group, have been instrumental in the growth of Islamic financial markets worldwide.

Under the theme ‘From Tech Transformation to Realising Sustainability: Building an Inclusive Islamic Capital Market'.

More than 20 distinguished international experts and policymakers from countries including Bahrain, Saudi Arabia, Nigeria, Malaysia, Türkiye, Oman, Iran, and the United Kingdom will attend.

In addition to the main conference, several events will take place, including pre-conference workshops, a gong ceremony at the Pakistan Stock Exchange, and an Islamic Finance Exhibition featuring 38 leading institutions.

The conference will also feature panel discussions, breakout sessions, and a dedicated session on economic transformation with a focus on sustainability.

Copyright Mettis Link News