The Securities and Exchange Commission of Pakistan (SECP) convened the first meeting of its newly formed Islamic Capital Market Development Committee (ICMDC) on November 18, 2024. The committee aims to drive innovation and growth in Pakistan’s Islamic capital markets.
Dr. Irum Saba, Associate Professor at IBA, chaired the inaugural session. The committee includes industry experts, market stakeholders, Shariah scholars, and representatives from financial institutions, creating a diverse panel of expertise.
SECP Commissioner Mr. Mujtaba Ahmed Lodhi welcomed the participants and reiterated SECP’s dedication to fostering a resilient and inclusive Islamic financial sector. He emphasized the significance of aligning the framework with global standards while respecting Pakistan’s constitutional and cultural values.
Collaboration for Economic Growth
Committee members expressed gratitude and pledged to work collectively. They highlighted the importance of developing a robust Islamic finance ecosystem to enhance economic stability and financial inclusion. The collaboration aims to create opportunities for innovation and sustainable growth in the Islamic capital market.
The meeting explored avenues for partnerships with international regulatory bodies and financial institutions. Members discussed adopting global best practices to strengthen Pakistan’s Islamic finance sector.
Next Steps for ICMDC
The committee outlined potential work streams for future collaboration, focusing on innovation and resilience in Islamic finance. SECP aims to build on this momentum to establish Pakistan as a key player in the global Islamic capital market.
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