AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad, The three-day capacity building workshop jointly organized by the Securities and Exchange Commission of Pakistan (SECP) and the Islamic Financial Services Board (IFSB) on Islamic Capital Markets has concluded in Islamabad. The workshop aimed at enhancing the capacity of officials of regulatory and supervisory authorities saw attendance from various key institutions including the Securities and Exchange Commission of Pakistan, the State Bank of Pakistan, the Ministry of Finance, the Competition Commission of Pakistan, PSX, PMEX, CDC, and NCCPL.
According to Securities and Exchange Commission of Pakistan, the workshop focused on reinforcing the Islamic finance industry in Pakistan. Mr. Akif Saeed, Chairman SECP, reiterated the commission’s commitment to supporting the development and expansion of Islamic finance in the country. He highlighted the efforts undertaken by SECP to enable Islamic finance in all regulated sectors, including revamping the Shariah governance framework and issuing guidelines for offering Islamic financial services.
The press release also noted significant milestones achieved in the Islamic finance sector, including the certification of various Shariah-compliant financial products and the issuance and listing of Government of Pakistan Ijarah Sukuk through the stock market. The corporate sukuk market also witnessed renewed interest, with the SECP approving 30 short-term sukuks worth Rs 153 billion during the year.
In his closing remarks, Mr. Tariq Naseem, Head of Islamic Finance at SECP, expressed gratitude to IFSB and the trainers for their support in promoting Islamic finance. He highlighted the development of a comprehensive roadmap for capacity building in Islamic finance, aiming to foster an enabling environment that encourages innovation and promotes investor confidence.
Pakistan now stands ready to play a pivotal role in fostering an enabling environment for Islamic finance, promoting innovation, and ensuring the integrity and stability of the financial system, Mr. Naseem concluded.