SECP Releases Islamic Finance Bulletin for 2022-23
In Islamabad, the Securities and Exchange Commission of Pakistan (SECP) has released its inaugural ‘Islamic Finance Bulletin’ for the fiscal year 2022-23. This publication serves as a key resource for current data and insights, highlighting recent advancements and regulatory changes within the Islamic financial services sector. It encompasses vital information spanning Islamic capital markets, non-banking financial institutions, and Takaful (Islamic insurance), while also providing an outlook on future SECP initiatives, regulatory areas, and collaborations.
To enhance understanding of Islamic finance within its regulatory scope, the SECP undertook a thorough analysis of this sector. The findings, published in February 2023, encompass a wide range of information, including data, challenges, opportunities, and policy recommendations. Notably, the SECP has resolved to issue quarterly updates on Islamic finance, with Islamic banking data being the sole exception. The current Islamic Finance Bulletin offers a comprehensive quarterly summary of developments in Islamic finance up until June 30, 2023.
Pakistan’s Islamic finance industry, despite economic transformation hurdles, has seen remarkable growth and now forms a substantial part of the national financial framework. The Federal Shariat Court’s 2022 decision to phase out Riba (interest) and transition the economy within five years has further boosted the sector’s expansion, pointing to its ongoing evolution. Additionally, the SECP suggests that readers consult the Islamic Banking Bulletin from the State Bank of Pakistan for an in-depth perspective on Pakistan’s Islamic financial system. The Islamic Finance Bulletin can be accessed on the SECP’s official website.