SECP, IFSB Malaysia joint workshop: Development of Islamic capital markets in Pakistan fully supported

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) fully supported development of Islamic capital markets in Pakistan based on international standards formulated by the Islamic Financial Services Board (IFSB) Malaysia.

A three-day capacity-building workshop, hosted by the SECP in collaboration with the Islamic Financial Services Board (IFSB) Malaysia, on Islamic capital markets begins in Islamabad.

Officials from the SECP, SBP, and capital market infrastructure institutions (CMIIs) of the Ministry of Finance and Competition Commission have attended the first-ever session organized exclusively for regulatory and supervisory bodies.

Speaking at the inauguration ceremony, SECP Commissioner Mujtaba Ahmad Lodhi highlighted the role and potential of Islamic capital markets for fostering sustainable development and inclusive growth. Further, Lodhi called upon participants to leverage innovative Islamic capital market tools for resource mobilization and infrastructure development. Lodhi also highlighted the immense opportunities available to further deepen and broaden Islamic capital markets in Pakistan and beyond. He reiterated his full support for the development of Islamic capital markets in Pakistan.

The workshop is aimed at enhancing the capacity of regulatory and supervisory authorities for developing and regulating the Islamic capital market in light of international standards and principles formulated by the IFSB Malaysia as a global standard-setting body.

IFSB Malaysia’s esteemed trainers, Muhammad Arif and Cindhi Cintokowati, are jointly conducting the workshop, covering the core principles, market deepening strategies, financial inclusion, innovation regulation, and emerging challenges in regulating the Islamic capital market.

It is expected that the workshop will equip the officers responsible for the development of the Islamic capital market in Pakistan with the required skills, thereby leading to the harmonization of regulatory interventions and the promotion of the Islamic capital market.

Copyright Business Recorder, 2024