The Securities and Exchange Commission of Pakistan (SECP) has issued its first ‘Islamic Finance Bulletin’ for the financial year 2022-23, aimed at providing up-to-date data, insights into new developments, and a deeper understanding of regulatory reforms in the Islamic financial services industry. The Islamic Finance Bulletin additionally, it provides essential information on the Islamic financial services industry including Islamic capital markets, non-banking financial institutions, Takaful, and it is also offering a future perspective on SECP policies, regulated sectors, and cooperation, said a press release issued.
The SECP has conducted a diagnostic review of Islamic finance in its regulated sectors and subsequently published its report in February 2023, capturing information, data, challenges, and opportunities along with policy recommendations.
Further, it has also been decided to publish quarterly data on Islamic finance, and data on Islamic banking. This Islamic Finance Bulletin, therefore presents a quarterly overview of development in Islamic finance during the financial year ended on June 30, 2023.
Despite facing challenges in economic transformation, Pakistan’s Islamic finance sector has made significant progress and now making currently a significant portion of the country’s financial landscape.
As per the ruling of the Federal Shariat Court in 2022, to eliminate Riba and transform the economy in five years, has accelerated these efforts, indicating continued growth in the sector.
Moreover, for a comprehensive understanding of Pakistan’s complete Islamic financial system, the SECP encourages readers to refer to the ‘Islamic Banking Bulletin’ published by the State Bank of Pakistan.—APP
