KARACHI: The Securities and Exchange Commission of Pakistan (SECP) signed a memorandum of understanding (MoU) with three centres of excellence in Islamic finance, i.e., Lahore University of Management Sciences (LUMS), Institute of Business Administration (IBA) and Institute of Management Sciences (IMS) on Friday with an aim to promote and develop Islamic capital markets.
According to a statement issued by the commission, SECP has taken many initiatives for capacity building in Islamic finance and has arranged a number of sessions in collaboration with leading universities and professional institutions.
Considering the need for the development of Islamic finance and to collaborate with leading centres of excellence in Islamic finance (CEIF) for their common goal, the SECP entered into an MoU, whereby the parties agreed to make joint and collaborative efforts for the development of a vibrant Islamic capital market, it added.
The three CEIFs agreed to extend their efforts by joining forces with the SECP to achieve growth and development of Islamic capital market and shaping the future of Islamic financial services by creating awareness among the public, training of stakeholders and capacity building of Islamic financial institutions.
The MoU covers the areas of mutual collaboration in developing programs for training and education in Islamic finance, facilitating exchange of resources, relevant academic information, events calendar, materials and technical expertise necessary for the development of training and education in Islamic finance; to undertake joint research and development in priority areas of Islamic capital markets, and whenever appropriate, to publish, promote or disseminate works of research, develop content and reference material for practitioners and users of Islamic financial products and services.