SECP eyes development of Islamic capital market

Amanullah Khan

Karachi—Zafar Hijazi, Chairman, Securities & Exchange Commission of Pakistan (SECP) has said that SECP aims at the enhancement of Shariah compliance in the capital market of Pakistan by restructuring and reorganizing the Islamic capital market. He was speaking as the chief guest at the 5th Islamic Finance, Banking and Takaful Conference & Expo organized by the Professionals Network which was concluded with the commitment and recommendation to get rid of the Ribah based Banking and adopt Islamic Financial System, interest free Banking & Takaful.
Hijazi said that SECP has set a roadmap for the promotion of Islamic Finance in Pakistan. He added that SECP is centralizing the Shariah related capital market activities, introduction of Shariah Regulation for Takaful, modarabas, Islamic mutual funds, Islamic pension funds, Islamic REITs, Islamic products and instruments, Shariah complaint (non-financial), other Islamic financial institutions.
Speaking on the occasion, Riaz Riazuddin (Deputy Governor, State Bank of Pakistan) during his concluding Speech said Islam being the Complete Religion provides Guidelines on every aspect of Life specially in affairs related to Life and Business. There are perception issues when it comes to comparing Islamic Banking & Conventional Banking, which we need to work on comprehensively.
Taking about the issues that are being faced by Regulators in connecting with Islamic Financial Institutions and urged on the need of Capacity Building Training. He said that further such platforms can bridge the gap between regulators and End-Users. Younus Muhammad Bashir, President, KCCI requested the regulators to do more in creating the awareness of riba free banking and to eliminate the interest based banking system in the country. He offered his services and the platform of Karachi chamber for all kind of support in this regard. He termed the event a significant development in the Islamic
Financing. Shafqaat Ahmed, CEO, Al Baraka Bank spoke on the topic of enterprise risk management for Islamic banks. He stressed the need of more specific rules and regulations for Islamic banks by the regulators in order to get the confidence of corporate customers and for banks to extend the loans to SME’s as they are the main source of business enhancement. Syed Samar Husnain, Executive Director SBP also addressed the gathering in the inaugural session.
Other prominent speakers were Mohammad Shoab, CEO, Al Meezan Investment, Dr. Amjad Waheed, CEO, NAFA Funds, Muhammad Shoaib Ibrahim, CEO, First Habib Modara, Ahmed Ateeq, CEO primus investment, Farid Ahmed Khan, CEO, ABL Asset Management, various renoewened Islamic Scholars and other Islamic finance experts addressed the audience. The conference was very well attended by the scholars, Researchers , Shariah Advisors , Group Heads of Islamic Banking, representatives of State Bank of Pakistan / SECP / KCCI / FPCCI, Corporates representatives of Modarba / Mutual Funds/Takaful, students, etc. The speakers highlighted the impact of Practicing Islam in its true meaning, the importance of Takaful as a Nation and Economic growth by implementing the Islamic Financial System.

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