‘ICMDC’ set up: SECP moves to promote Islamic capital market

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has constituted the Islamic Capital Market Development Committee (ICMDC) for a period of three years.

According to a SECP notification, the objective of the committee is to promote, develop, and facilitate the growth of the Islamic capital market. The committee will ensure alignment with Shariah principles while fostering innovation, inclusivity, and sustainability in the Islamic finance landscape.

Dr. Irum Saba, Associate Professor, Department of Finance, Institute of Business Administration, Karachi has been appointed Chairperson of the Committee while Tariq Naseem, Head of Islamic Finance Department/Registrar Modaraba, SECP, Islamabad would be the Convener of the committee with other 14 members.

The chairperson of the committee may form subcommittees and working groups and may also invite participation from industry as and when required, the notification said adding that the committee shall submit its recommendations/report to the SECP through its Islamic Finance Department.

“The committee constituted and notified by the SECP on July 19, 2022, to identify potential bottlenecks and opportunities for the development of Islamic finance in the capital market, insurance industry, and other non-bank financial sectors are hereby dissolved.”

Copyright Business Recorder, 2024