SECP Hopeful For Promotion Of Islamic Finance In Pakistan

Karachi: The 4th Islamic Finance, Banking & Takaful Conference & Expo concluded with the commitment and recommendation to get free from the Ribah based Banking and adopt Islamic Financial System , interest free Banking & Takaful. Chief Guest of the Occasion Mr. Zafar Hijazi (Chairman Securities & Exchange Commission of Pakistan) said that he is impressed by the Range of Products & Services being displayed at this  platform. He said that The Securities and Exchange Commission of Pakistan (SECP) has set a roadmap for the promotion of Islamic Finance in Pakistan. SECP aims the enhancement of Shariah compliance in the capital market of Pakistan by restructuring and reorganizing the Islamic capital market.

He added that SECP is centralizing the Shariah related capital market activities, introduction of Shariah Regulation for takaful, modarabas, Islamic mutual funds, Islamic pension funds, Islamic REITs, Islamic products and instruments, Shariah complaint (non-financial), other Islamic financial institutions. Syed Samar Hasnain (Executive Director – Development Finance Group, State Bank of Pakistan) during his Key-Note Speech said Islam being the Complete Religion provides Guidelines on every aspect of Life specially in affairs related to Life and Business. There are perception issues when it comes to comparing Islamic Banking & Conventional Banking, which we need to work on comprehensively. He also addressed the Issues that are being faced by Regulators in connecting with Islamic Financial Institutions and urged on the need of Capacity Building Training. He said that further such platforms can bridge the gap between regulators and End-Users.

His Excellency Mr Hadi Santoso (Consul General of Indonesia) at this occasion praised the efforts of organizers The Professionals Network (TPN) & Ethical Business Update for arranging the event. He highlighted that Indonesia has work vigorously on the implementation of Islamic Financing in the Economic System and Banking Industry and he hope both countries can mutually setup further working platforms to strengthen the Islamic Financing System. He termed the event a significant development in the Islamic Financing. Mr. Fida Hussain Samoo, Commissioner Insurance Division SECP, Mr. Mohammad Shoab, CEO, Al Meezan Investment, Mr. Mir Muhammad Ali, CEO, UBL Fund Managers, Dr. Amjad Waheed, CEO, NAFA Funds, Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modara, Mr. Bashir Chawdhry, CEO, Trust Moadaraba, various renoewened Islamic Scholars and other Islamic Finance Experts addressed the audience.

The two days conference was very well attended by the Scholars , Researchers , Shariah Advisors , Group Heads of Islamic Banking , representatives of State Bank of Pakistan / SECP / KCCI / FPCCI, Corporates , representatives of Modarba / Mutual Funds / Takaful , students,  etc etc.

All the speakers highlighted  the impact of  Practicing Islam in its true meaning, the importance of Takaful as a Nation and Economic growth by implementing the Islamic Financial System.

Mehmood Tareen, CEO, The Professionals Network and Ateeq Ur Rehman jointly thanked the authorities, regulators , experts of Islamic Finance, print & electronic media and valuable participants for their outstanding support and assistance by making this mega event as a grand success.






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