Islamabad, Nov 18: SECP Hosts Inaugural Meeting of Islamic Capital Market Development Committee. The newly formed Islamic Capital Market Development Committee (ICMDC), which was called by the Securities and Exchange Commission of Pakistan (SECP), met for the first time to foster the expansion, creativity, and robustness of Pakistan’s Islamic capital markets. The group, which is led by Dr. Irum Saba, an associate professor at IBA, is made up of representatives from financial institutions, market participants, Shariah scholars, and industry specialists.
In view of the recent constitutional reforms, Commissioner (SECP) Mujtaba Ahmed Lodhi welcomed the Committee members and reiterated SECP’s dedication to establishing a vibrant, inclusive, and resilient Islamic financial sector. He promised that, in collaboration with the pertinent parties, the SECP participants will concentrate on creating a framework that is in line with both national values and international norms.
The members of the Committee also conveyed their appreciation and pledged to collaborate in order to create a strong and inclusive Islamic finance industry, which will support Pakistan’s financial inclusion, stability, and economic prosperity. To accomplish these goals, cooperation between SECP, industry professionals, and stakeholders is essential.
Underscoring SECP’s dedication to implementing international best practices in Islamic finance, the committee also explored opportunities for cooperation with international regulatory agencies and financial institutions in addition to the possible work streams.
