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ISLAMABAD, Dec 12 (APP):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) on Wednesday organised the Second International Islamic Capital Market Conference.
The event, held in Karachi, themed, “From Tech Transformation to Realizing Sustainability: Building an Islamic Capital Market,”, said a press release received here today.
Speaking on the occasion, Minister for Finance and Revenue, Senator Mohammad Aurangzeb, called Pakistan, the potential global hub for Islamic Financial Services. He lauded SECPs commitment towards developing a robust Islamic market and thanked the international participants for their support in achievement of the objective.
Chairman Board of Trustees, AAOIFI, Shaikh Ebrahim Bin Khalifa Al Khalifa called the judgement of Federal Shariah Court and subsequent 26th amendment setting a target date for move to Islamic Financial System a monumental decision that will lead to Pakistan becoming a global role model.
He said that the implementation of Islamic Finance is not about transactions, but transformation towards a more robust, proven and time-tested system.
Chairman SECP, Akif Saeed recalled the recent successes in the Islamic Financial Services arena including the emergence of new breed of Islamic Finance organizations, such as Islamic Fin-techs, Islamic Microfinance Institutions, Islamic Real-Estate Investment Trusts and Asset Management Companies among others.
He also highlighted the launch of strategic action plan for move towards Islamic finance by end of 2026 and ongoing work on Islamic Financial legislation as vital for laying a strong foundation for Islamic Financial Services.
Dr Sami Alsuwailem, Acting Director General of the Islamic Development Bank Institute, Saleem Ullah Deputy Governor State Bank and Mujtaba Ahmad Lodhi, Commissioner SECP also addressed the gathering.
After the inaugural session, Sheikh Ebrahim Bin Khalifa Al Khalifa inaugurated the concurrent Expo featuring Islamic Financial Service initiatives from a host of companies currently operating in Pakistan.
The conference produced several important takeaways that will shape the future of Islamic finance in Pakistan and beyond.
A major outcome of the event was the decision to publish a white paper outlining critical reforms and actionable strategies for the development of Islamic capital markets in Pakistan.
The white paper will supplement the efforts outlined in strategic action plan 2024-26 by incorporating learnings and global best practices introduced through the conference.