The Securities and Exchange Commission of Pakistan (SECP) has unveiled a set of reform measures aimed at advancing digitalisation across the financial sector and expanding investment access, with a particular focus on strengthening Pakistan’s Sukuk market. Chairperson Akif Saeed emphasized these priorities during a meeting with Askari Bank Limited President Zia Ijaz and senior executives of the bank, according to an official statement.
Saeed highlighted that the SECP is pursuing a comprehensive digital transformation agenda to improve access to finance, deepen financial inclusion, and enhance the efficiency of financial services delivery nationwide. He underscored the regulator’s commitment to enabling a vibrant Sukuk market, positioning it as a critical pillar in the development of Pakistan’s Islamic capital market.
As part of the reforms, the SECP is driving initiatives such as digital bank account opening for corporates, digital distribution of financial products including mutual funds, pension funds, and insurance, and the automatic induction of private company shares into the central depository system. Additionally, banks will be given an expanded role in both primary issuance and secondary trading of equity and debt instruments, helping integrate traditional banking with capital market activity.
During the meeting, Saeed praised Askari Bank’s pioneering contributions in promoting Sukuk as a Shariah-compliant funding instrument that provides corporates with greater diversification while offering high-quality investment avenues for both institutional and retail investors. He encouraged banks to deepen their involvement in these areas to further energize the market.
Looking ahead, Saeed proposed arranging dedicated sessions with banks to explore opportunities for scaling digital financial services. These sessions would focus on enhancing delivery channels, streamlining processes, and creating inclusive investment opportunities that could reach underserved populations.
One of the more notable developments is the SECP’s plan to introduce retail digital Sukuk through collaborations with telecom operators. The move is expected to significantly broaden outreach by leveraging mobile platforms and digital payment channels, ensuring that smaller investors can participate in Sukuk subscription and trading. This end-to-end digital process will simplify access while reducing transaction costs.
In addition, the regulator is preparing to launch micro-Sukuk products designed to enhance financial inclusion. These instruments will provide affordable, Shariah-compliant investment options tailored for small savers and communities traditionally excluded from capital markets. By combining digitalisation with inclusive product innovation, the SECP aims to strengthen financial resilience and foster long-term trust in Pakistan’s financial ecosystem.
The reforms outlined by Saeed reflect the regulator’s strategy of aligning domestic financial practices with global trends while catering to Pakistan’s unique demographic and economic challenges. If successfully implemented, they could expand the investor base, enhance liquidity in Islamic capital markets, and drive broader adoption of digital finance solutions across the country.
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