Islamabad: The Securities and Exchange Commission of Pakistan (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 event focused on the theme “From Tech Transformation to Realizing Sustainability: Building an Islamic Capital Market.”
Pakistan as a Global Hub for Islamic Finance
Federal Minister for Finance and Revenue, Senator Mohammad Aurangzeb, addressed the gathering, calling Pakistan a potential global hub for Islamic financial services. He praised SECP’s efforts to build a robust Islamic market and thanked international participants for their support.
“Pakistan is on the path to becoming a leader in Islamic finance with its strategic commitment and groundbreaking initiatives,” he said.
Monumental Decisions for Islamic Finance
Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of the Board of Trustees of AAOIFI, hailed Pakistan’s Federal Shariah Court’s judgment and the 26th Constitutional Amendment as pivotal decisions. He emphasized that Islamic finance is not merely about transactions but about transforming financial systems into proven, sustainable models.
“These steps will position Pakistan as a global role model in Islamic finance,” he added.
Progress and Strategic Vision
SECP Chairman Akif Saeed highlighted recent advancements in Islamic financial services, including the emergence of Islamic fintechs, microfinance institutions, and real estate investment trusts. He discussed the strategic action plan to transition fully to Islamic finance by 2026 and ongoing legislative developments.
“The foundation is being laid for a dynamic and sustainable Islamic financial ecosystem,” Saeed remarked.
Expo Showcasing Islamic Finance Innovations
The event also included an Islamic Finance Expo inaugurated by Shaikh Ebrahim Bin Khalifa Al Khalifa. The expo featured initiatives from various Islamic finance companies operating in Pakistan, showcasing innovations and success stories in the sector.
Key Outcomes and Future Directions
One of the major outcomes of the conference was the decision to publish a white paper. This document will outline critical reforms and strategies to strengthen Pakistan’s Islamic capital markets. It will supplement SECP’s 2024-2026 strategic action plan, integrating global best practices and insights shared at the conference.
Dr. Sami Alsuwailem, Acting Director General of IsDBI; Saleem Ullah, Deputy Governor of the State Bank of Pakistan; and Mujtaba Ahmad Lodhi, Commissioner SECP, also addressed the audience, sharing insights on leveraging technology and sustainability in Islamic finance.
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