The Securities and Exchange Commission of Pakistan (SECP) has become member of the Islamic Financial Services Board (IFSB), Malaysia, aimed at furthering the Islamic financial services industry in Pakistan.
The IFSB serves as an international standard-setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry which is defined broadly to include banking, capital market and insurance.
The council of the IFSB in its 27th meeting held on December 8, 2015, at the Islamic Development Bank Headquarters in Jeddah, Saudi Arabia, approves the membership of the SECP for IFSB, Malaysia.
The SECP’s membership means that the SECP benefits from cooperation amongst IFSB members in developing the Islamic financial services industry in Pakistan. Also, the SECP will gain from personnel development training facilitated by IFSB related to regulation of the Islamic financial services industry and specific market in Pakistan. The SECP will also take advantage of research and surveys undertaken by IFSB on the Islamic financial services industry which will inform product development and enhance the product offering.
To date, the 189 members of the IFSB consist of 65 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance sectors from 47 jurisdictions, as well as eight international inter-governmental organisations, and 116 market players (financial institutions, professional firms and industry associations).