ISLAMABAD: The Sec­urities and Exchange Commission of Pakistan (SECP) has published its first Islamic Finance Bulletin for the financial year 2022-23, aimed at providing up-to-date data, insights into new developments, and a deeper under­standing of regulatory reforms in the Islamic financial services industry.

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The bulletin provides essential information on the Islamic financial services industry, including Islamic capital markets, non-banking financial institutions, and Takaful, while also offering a future perspective on SECP’s policies, regulated sectors, and cooperation.

The commission has conducted a diagnostic review of Islamic finance in its regulated sectors and subsequently published its report in February last year, capturing information, data, challenges, and opportunities along with policy recommendations.

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The commission has decided to publish quarterly data on Islamic finance, with the exception of data on Islamic banking.

The Islamic Finance Bulletin therefore presents a quarterly overview of development in Islamic finance during the financial year ended on June 30, 2023.

Despite facing challenges in economic transformation, Pakistan’s Islamic finance sector has made significant progress and currently makes up a significant portion of the country’s financial landscape.

Published in Dawn, January 30th, 2024