KARACHI: The Securities and Exchange Commission of Pakistan (SECP) unveiled the details of the Second International Islamic Capital Market Conference, 2024 during a press briefing held on Tuesday at the SECP Karachi office.
The briefing was led by SECP Chairman Akif Saeed, Commissioner Mujtaba Ahmed Lodhi, and Executive Director Khalida Habib, who highlighted the importance of the upcoming conference. Tariq Naseem, Head of Islamic Finance, highlighted that in SECP’s regulated sectors, Islamic finance has already made considerable progress, as Shariah-compliant segments now constitute a major portion of capital markets, with 55 percent of market capitalisation of listed securities, 48 percent of assets of mutual funds, 65 percent of assets of voluntary pension funds, and 95 percent of REITs are already Shariah-compliant.
He also mentioned that the level of compliance of Pakistan’s capital market with IOSCO principles for securities regulation was assessed at 86 percent in an independent international assessment conducted in 2015 and 2018. He mentioned that the SECP now plans to have an assessment of compliance with IFSB’s principles for Islamic capital markets, which is expected to further enhance the global standing of Pakistan in Islamic finance.
The second international Islamic capital market conference, 2024 being organised by SECP in collaboration with AAOIFI and IsDBI, will be held on December 12, 2024 in Karachi. The co-hosts bring unparalleled expertise in advancing Islamic finance globally. AAOIFI, as a global standard-setting body for Islamic financial institutions, and IsDBI, the research arm of the Islamic Development Bank Group, have been instrumental in the growth of Islamic financial markets worldwide. Under the theme ‘From Tech Transformation to Realising Sustainability: Building an Inclusive Islamic Capital Market,’ the conference will address critical challenges and opportunities in building a resilient, inclusive, and sustainable Islamic capital market.
More than 20 distinguished international experts and policymakers from countries including Bahrain, Saudi Arabia, Nigeria, Malaysia, Türkiye, Oman, Iran, and the United Kingdom will attend. Key guests include Senator Muhammad Ishaq Dar, Deputy Prime Minister (expected), Senator Muhammad Aurangzeb, and Federal Minister for Finance, Sheikh Ebrahim Bin Khalifa Al Khalifa, Chairman of AAOIFI, and Dr. Sami Al-Suwailem, Acting Director General of IsDBI.
In addition to the main conference, several events will take place, including pre-conference workshops, a gong ceremony at the Pakistan Stock Exchange, and an Islamic Finance Exhibition featuring 38 leading institutions. The conference will also feature panel discussions, breakout sessions, and a dedicated session on economic transformation with a focus on sustainability.
Copyright Business Recorder, 2024