SECP Unveils Inaugural 'Islamic Finance Bulletin' for FY23

The Securities and Exchange Commission of Pakistan (SECP) has introduced its inaugural 'Islamic Finance Bulletin' for the fiscal year 2022-23. The publication aims to deliver current information, insights into emerging trends, and a deeper comprehension of regulatory reforms within the Islamic financial services sector to mitigate potential copyright claims.

This comprehensive bulletin covers vital aspects of the Islamic financial services industry, encompassing Islamic capital markets, non-banking financial institutions, and Takaful. Additionally, it offers a forward-looking perspective on SECP policies, regulated sectors, and collaborative initiatives.

In February 2023, the SECP conducted a diagnostic review of Islamic finance in its regulated sectors, unveiling a report that encapsulates pertinent information, data, challenges, and opportunities, along with policy recommendations.

As part of its commitment to transparency and information dissemination, the SECP has decided to release quarterly data on Islamic finance, excluding data on Islamic banking. This Islamic Finance Bulletin, therefore, delivers a quarterly snapshot of developments in Islamic finance for the fiscal year concluding on June 30, 2023.

Despite encountering challenges in economic transformation, Pakistan's Islamic finance sector has witnessed remarkable advancement and currently holds a significant share in the nation's financial landscape.

The Federal Shariat Court's 2022 ruling to eradicate Riba and drive economic transformation within five years has further propelled these initiatives, signifying sustained growth in the sector.

For a comprehensive understanding of Pakistan's entire Islamic financial system, the SECP recommends readers to consult the Islamic Banking Bulletin issued by the State Bank of Pakistan.