TEXT: I would like to acknowledge the efforts of the CFA Society Pakistan for successfully convening the 19th Annual Awards and promoting a culture of excellence, professionalism and healthy competition in the industry. The CFA Society Pakistan also plays an important advocacy role in promoting ethical and professional conduct in the financial industry, which is essential for a developing market like ours.

Pakistan has a thriving financial and banking system, yet there are areas that need attention and further development. The financial sector remains dominated by banks, while non-banks are still in relatively nascent stage of development. Our bond markets remain dominated by government securities and the corporate debt market is still at a nascent stage. Development, deepening and diversification of bond markets is essential to improve saving and investment in the country.

To ensure continued capital market development and building a comprehensive ecosystem of financial markets and services, more concerted efforts are needed by all the stakeholders. In this regard, the CFA Society has the opportunity to leverage its broad membership across the industry to encourage debate and build consensus, to catalyze transformation of the financial sector in the country. State Bank of Pakistan remains open to engagement with the industry, especially on issues that promote development of deep, efficient and inclusive financial markets.

Bringing about change requires a culture of innovation, excellence, and execution. Values that are well-represented in the award categories of these 19th Annual Excellence Awards. I would like to congratulate all the winners and nominees and encourage them to keep up their outstanding efforts.

Copyright Business Recorder, 2022