ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has launched the Islamic Capital Market Development Committee (ICMDC) to foster growth, innovation, and resilience in Pakistan’s Islamic capital markets. The inaugural meeting of the committee, chaired by Dr. Irum Saba, Associate Professor at IBA Karachi, brought together industry experts, Shariah scholars, market stakeholders, and representatives from financial institutions.
During the meeting, SECP Commissioner Mujtaba Ahmed Lodhi emphasized the regulator’s commitment to cultivating a vibrant and inclusive Islamic financial ecosystem. He highlighted the importance of aligning with international standards while respecting Pakistan’s unique socio-economic and constitutional context. Lodhi assured the participants of SECP’s dedication to working collaboratively with stakeholders to create a robust regulatory framework that promotes innovation and financial inclusion.
Committee members pledged their support to advancing the Islamic finance sector, recognizing its potential to contribute to economic stability and growth. Discussions also explored strategic collaborations with international regulatory bodies and financial institutions, showcasing SECP’s intent to adopt global best practices in Islamic finance.
The committee outlined initial work streams aimed at enhancing market accessibility and resilience while reinforcing Pakistan’s position as a hub for Shariah-compliant financial solutions. This initiative underscores SECP’s focus on strengthening the Islamic financial landscape, in line with the nation’s economic and developmental priorities.
