SECP, Askari Bank discuss vibrant Sukuk market

ISLAMABAD: In a meeting at the SECP Head Office with Mr. Zia Ijaz, President of Askari Bank Limited, and senior members of the bank’s leadership, SECP Chairperson Mr. Akif Saeed reaffirmed the Commission’s strong commitment to developing a vibrant Sukuk market as a cornerstone for deepening Pakistan’s Islamic capital market.
The Chairperson highlighted that the SECP is actively pursuing a comprehensive digitalization agenda to improve access to finance, enhance financial inclusion, and increase efficiency in the delivery of financial services. Underscoring the opportunities for banks in Pakistan, he outlined several key initiatives already underway. These include digital bank account opening for corporates, digital distribution of financial products (such as mutual funds, pension funds, and insurance), auto-induction of private company shares into the central depository system, partnerships with banks to facilitate corporatization, and an expanded role for banks in both the primary issuance and secondary trading of equity and debt instruments.
The Chairperson commended Askari Bank for its pioneering role in advancing Sukuk as a Shariah-compliant alternative to conventional debt. This enables corporates to diversify their funding sources while creating high-quality investment opportunities for both institutional and retail investors. He further proposed arranging dedicated sessions with banks to explore opportunities for expanding the digital delivery of financial services, thereby strengthening Pakistan’s financial ecosystem.
It was also highlighted that efforts are underway to introduce retail digital Sukuk through partnerships with telecom operators, ensuring broader outreach. This initiative will be supported by end-to-end digital processes for Sukuk subscription and trading. In addition, plans to launch micro-Sukuk aim to enhance financial inclusion by providing affordable, Shariah-compliant investment opportunities for small savers and underserved communities.