PAKISTAN: The Securities and Exchange Commission of Pakistan (SECP) has revealed that Shariah compliant securities now make up 64% of the Pakistan Stock Exchange’s market capitalization while its Sukuk market has mobilized over PKR4.6 trillion (US$16.32 billion) and Islamic mutual funds have reached PKR2.1 trillion (US$7.35 billion) in AuM. SECP Commissioner, Imtiaz Hader also said that the Islamic non-bank and Takaful sectors are also growing steadily. He noted that SECP is following a structured and phased approach to promote Islamic finance across all sectors, in line with the Constitution and the Federal Shariat Court’s judgment on Riba. Key initiatives include Islamic brokerage models, Shariah stock screening, Sukuk market development, Islamic non-banking financial companies, Waqf management companies and risk-sharing products. He expressed confidence that these reforms will help position Pakistan as a leading global hub for Islamic finance.
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