The Securities and Exchange Commission of Pakistan (SECP) is prioritizing the expansion of the Sukuk market and comprehensive digitalization of financial services to broaden access, promote financial inclusion, and create more investment avenues in Pakistan. This was emphasized during a meeting between SECP Chairperson Akif Saeed and Askari Bank President Zia Ijaz, along with other senior bank executives at the SECP headquarters.

The SECP chairman reiterated the commission”s dedication to developing a robust Sukuk market as a key element in strengthening the nation”s Islamic capital market. He stressed that the SECP”s digitalization strategy aims to streamline access to finance, enhance financial inclusion, and improve the efficiency of financial service delivery.

Saeed outlined several initiatives already in progress, including digital corporate account openings, digital distribution of financial products like mutual funds and insurance, automated inclusion of private company shares into the central depository, collaborations with banks to facilitate corporatization, and an increased role for banks in equity and debt trading.

The SECP acknowledged Askari Bank”s leadership in promoting Sukuk as a Shariah-compliant investment option, offering companies alternative funding channels and investors high-quality investment possibilities. The commission proposed specialized meetings with banks to explore ways to expand the digital provision of financial services, bolstering the country”s financial framework.

Further discussions centered on introducing retail digital Sukuk through collaborations with telecom providers to ensure wider accessibility, underpinned by fully digital Sukuk subscription and trading processes. The introduction of micro-Sukuk also aims to promote financial inclusion by providing accessible, Shariah-compliant investment choices for small-scale investors and marginalized segments.