SECP Approves Strategic Action Plan 2024-2026 for Islamic Finance Growth
This initiative aligns with the 26th Constitutional
Amendment, mandating the elimination
of Riba by January 1, 2028
Business Reporter
Islamabad: The Securities and Exchange Commission of Pakistan (SECP) has approved its Strategic Action Plan 2024-2026 to advance Islamic finance in non-bank financial sectors. This initiative aligns with the 26th Constitutional Amendment, mandating the elimination of Riba by January 1, 2028.
The plan was developed by the SECP’s apex committee, led by Commissioner-SCD Mr. Mujtaba Ahmed Lodhi. This committee, formed in 2023, included representatives from the Pakistan Stock Exchange (PSX), Central Depository Company (CDC), National Clearing Company of Pakistan Limited (NCCPL), SECP policy departments, and industry experts.
The roadmap sets a clear timeline, enabling Islamic finance across all SECP-regulated sectors by December 2026. Following this, a structured conversion plan will guide the seamless transition of conventional financial institutions to Islamic financial institutions, minimizing disruptions.
The Strategic Action Plan centers on four main pillars:
These pillars aim to drive the expansion of Islamic financial institutions, assets, and services within the non-bank sector.
The plan underwent thorough reviews and consultations with Capital Market Infrastructure Institutions (CMIIs) to ensure its feasibility. The SECP will leverage the expertise of CMIIs to create a supportive regulatory framework that promotes Islamic finance growth.
The SECP reiterates its commitment to fostering a conducive environment for Islamic finance, aligning with constitutional and legal requirements. This strategic action plan underscores Pakistan’s dedication to transitioning toward a Riba-free financial system by 2028.
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