The Securities and Exchange Commission of Pakistan (SECP) organized “High Power Session on Islamic Finance” to discuss potential issues, challenges and opportunities related to Islamic finance within regulated sectors of SECP.
The Session was led by Chairman Shariah Advisory Committee of SECP and SBP Dr. Mufti Irshad Ahmad Aijaz. He shared insights on the progress made in Islamic Finance sector in the past few years, within Pakistan and across the world, and offered guidance on the ways through which sustainable progress can be achieved in Islamic financing sector. He said that for Islamic finance to develop, “we need to implement Shariah-compliant policies and products alongside the conventional financing systems, and gradually move away from interest-based financing”.
He also discussed issues like Pakistan’s dependence on international financing, sale receipt discounting, P2P lending and venture capital, and products like Tawarruq and Bai Muajjal of Sukuk. Officials from multiple departments within SECP attended the session, including Islamic Finance Department, Insurance Department, Securities Market Division and Specialized Companies division.—APP