Islamic Finance in Pakistan: Insights from Dr. Mufti Irshad Ahmad Aijaz

In a recent interview, Dr. Mufti Irshad Ahmad Aijaz, Chairman of the Shariah Advisory Committee at the Securities and Exchange Commission of Pakistan (SECP), provided insights into the development and future of Islamic finance in Pakistan. He emphasized the importance of aligning financial practices with Islamic principles to ensure ethical and sustainable growth. Dr. Aijaz highlighted the committee’s role in guiding the SECP on Shariah-compliant investments and products. He noted the increasing demand for Islamic finance solutions, driven by both religious and ethical considerations. Despite progress, challenges such as a lack of awareness and the need for better integration with conventional financial systems persist. The committee is working to address these issues through education and innovative product development. Dr. Aijaz also discussed the potential of Islamic finance in promoting financial inclusion, particularly in underserved regions of Pakistan. He stressed the importance of technology, such as blockchain, in enhancing the efficiency and transparency of Islamic financial transactions. The interview underscored the SECP’s commitment to creating a conducive environment for Islamic finance, ensuring it remains a vital component of Pakistan’s economic landscape. Future initiatives include expanding Islamic finance offerings and strengthening regulatory frameworks to support sustainable development. Dr. Aijaz’s insights provide a roadmap for the growth of Islamic finance, balancing tradition with modern financial needs.

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