ISLAMABAD, January 29: The Securities and Exchange Commission of Pakistan (SECP) has released published its first ‘Islamic Finance Bulletin’ for the financial year 2022-23, aimed at providing up-to-date data, insights into new developments, and a deeper understanding of regulatory reforms in the Islamic financial services industry. The Islamic Finance Bulletin Additionally, it provides essential information on the Islamic financial services industry including Islamic capital markets, non-banking financial institutions, and Takaful, while also offering a future perspective on SECP policies, regulated sectors, and cooperation.
The SECP has conducted a diagnostic review of Islamic finance in its regulated sectors and subsequently published its report in February 2023, capturing information, data, challenges, and opportunities along with policy recommendations. Further, it has decided to it has been decided to publish quarterly data on Islamic finance, with the exception of data on Islamic banking. This Islamic Finance Bulletin therefore presents a quarterly overview of development in Islamic finance during the financial year ended on June 30, 2023.
Despite facing challenges in economic transformation, Pakistan’s Islamic finance sector has made significant progress and now making currently makes up a significant portion of the country’s financial landscape. The Federal Shariat Court’s 2022 ruling in 2022 to eliminate Riba and transform the economy in five years has accelerated these efforts, indicating continued growth in the sector.
