ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will be hosting the International conference on Islamic Capital Markets (ICM), in Islamabad on Monday, May 29, 2023.
SECP Chairman Akif Saeed said that this will be the first international conference. He also informed that the Pakistan Stock Exchange and other institutions are collaborating with the Commission on this matter.
The theme of the conference will be “ICM development with ecosystem completion: innovation, growth, and transformation”, he added.
He asserted that the importance of such conferences increased after the order of the Shariat court.
Explaining the actions taken in the light of Shariat court order, he said that we have formed a shariah committee, which is working on fostering an inclusive and vibrant financial system that adheres to the principles of Shariah.
Saeed shared that Islamic bank deposits are growing very rapidly as 50% of the companies registered in the stock market are Shariah compliant.
“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,” Saeed went on, adding that, “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 Ishaq Dar, Chairman AAOIFI Board of trustees Sheikh Ebrahim bin Khalifa Al Khalifa, Minister of State for Reforms Ashfaq Tola, Governor State Bank of Pakistan Jameel Ahmad, Chairman Securities and Exchange Commission of Pakistan Akif Saeed and Islamic Finance Department’s Commissioner at SECP Abdul Rehman Warraich will be addressing 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. In order 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 Shariat Court’s (FSC) judgement on Riba.
SECP has also issued a diagnostic report to identify key issues and challenges in Islamic finance and develop a cohesive action plan to address them.