ISLAMABAD: Chairperson of the Securities and Exchange Commission of Pakistan (SECP), Akif Saeed, on Friday, emphasized that the SECP is actively pursuing a comprehensive digitalization agenda aimed at improving access to finance, enhancing financial inclusion, and increasing efficiency in the delivery of financial services.
He made these remarks while speaking with Zia Ijaz, President of Askari Bank Limited, and senior members of the bank, who called on him to discuss matters related to the promotion of digitalization in the economy and access to finance, according to a press release.
Saeed reaffirmed the SECP’s strong commitment to developing a vibrant Sukuk market as a cornerstone for strengthening Pakistan’s Islamic capital market. He outlined several ongoing initiatives to enhance opportunities for banks in the country, including digital bank account opening for corporates, digital distribution of financial products (such as mutual funds, pension funds, and insurance), auto-induction of private company shares into the central depository system, and an expanded role for banks in both primary issuance and secondary trading of equity and debt instruments.
The Chairperson commended Askari Bank for its pioneering role in advancing Sukuk as a Shariah-compliant alternative to conventional debt, which enables corporates to diversify their funding sources while offering high-quality investment opportunities to both institutional and retail investors.
Saeed further proposed arranging dedicated sessions with banks to explore opportunities for expanding the digital delivery of financial services, thereby strengthening Pakistan’s financial ecosystem.
It was also highlighted that efforts are underway to introduce retail digital Sukuk through partnerships with telecom operators to ensure broader outreach. This initiative will be supported by end-to-end digital processes for Sukuk subscription and trading. Additionally, plans to launch micro-Sukuk aim to enhance financial inclusion by providing affordable, Shariah-compliant investment opportunities for small savers and under-served communities.
