Session on Islamic finance held

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Friday organised a session on Islamic finance to discuss issues, challenges, and opportunities related to Islamic finance within regulated sectors of the SECP.

The session was led by chairman Shariah advisory committee of SECP and the State Bank of Pakistan (SBP) Mufti Irshad Ahmad Aijaz, who shared insights on progress made in Islamic finance sector in past few years, within Pakistan and across the world, the regulator said in a release.

He also offered guidance on ways through which sustainable progress could be achieved in Islamic financing sector. Aijaz emphasised on a need to implement Shariah-compliant policies and products alongside conventional financing systems, and gradually move away from interest-based financing to develop the sector.

He also discussed issues like Pakistan's dependence on international financing, sale receipt discounting, P2P lending and venture capital, and products like Tawarruq and Bai Muajjal of Sukuk, SECP stated.