The Securities and Exchange Commission of Pakistan (SECP) and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will be hosting the inaugural conference on Islamic Capital Markets (ICM), in Islamabad on Monday, May 29, 2023. The theme of the conference is “ICM development with ecosystem completion: innovation, growth, and transformation”.
SECP Chairman Akif Saeed, while addressing the media said that SECP is committed to fostering an inclusive and vibrant financial system that adheres to the principles of Shariah. He was apprising journalists on the agenda and the overall goals of the conference. He said, “Collaborative efforts between SECP and various stakeholders have been instrumental in driving the growth and development of Islamic finance, and aligning best practices with global standards,” adding, “the conference will bring local and international stakeholders together to discuss key issues and opportunities within the Islamic finance industry”.
Federal Minister for Finance and Revenue Mr. Ishaq Dar, Chairman AAOIFI Board of trustees H.E. Sheikh Ebrahim bin Khalifa Al Khalifa, Minister of State for Reforms Mr. Ashfaq Tola, Governor State Bank of Pakistan Mr. Jameel Ahmad, Chairman Securities and Exchange Commission of Pakistan Mr. Akif Saeed and Islamic Finance Department’s Commissioner at SECP Mr. Abdul Rehman Warraich will address the conference.
Moreover, policymakers and experts of the global Islamic financial services industry from Bahrain, Malaysia, Saudi Arabia, Turkiye, UAE and UK are expected to participate in the conference. The conference has received an overwhelming response from leading industry players of the capital market, mutual fund industry, non-banking financial sector, and the takaful industry.
SECP is geared at ensuring the integrity, transparency, and stability of Islamic financial institutions and transactions. To strengthen the legal and regulatory framework for Islamic Finance, SECP has constituted an apex committee on Islamic finance to provide strategic guidance regarding the implementation of Federal Shariah Court’s (FSC) judgement on Riba. SECP has also issued diagnostic report to identify key issues and challenges in Islamic finance and develop a cohesive action plan to address them.
