Islamic Fund Management
96
Box 4.3: SECP's CMDP (2016-2018)
Mission:
To be a fair, modern, efficient and globally competitive
market that is responsive to the needs of its
stakeholders, and based on sound regulatory principles
that provide the requisite impetus for robust economic
growth, and is the major facilitator of investments and
fund-raising in the country.
Vision:
To contribute effectively towards the overall economic
development of the country and foster an investment
climate in the country, based on the principles of
fairness, efficiency and transparency and driven by
innovation and investor protection, governed by a
sound regulatory framework aligned with international
legal standards and best practices, coupled with a
strong risk management system.
A. Key Strategic Objectives:
1. Legal and regulatory reforms.
2. Structural reforms and
developmental initiatives under
the SROs―PSX, CDC, NCCPL,
PMEX.
3. Reforms for capital market
intermediaries.
4. Product and market
development.
5. Reforms for issuers in the
capital market.
6. Reforms for investors’ access,
awareness, protection and
facilitation.
7. Improving marketability, image
building and compliance with
international standards.
Source: SECP (2016, p. 16)
The market share of Islamic finance assets has been growing steadily since the adoption of a
dual financial system in the early 2000s (Pakistan Islamic Finance Report, 2016). According to
the Islamic Finance Development Indicator (IFDI) 2017, Pakistan was ranked among the top
five performers (IFDI 2016: 6) after Malaysia, Bahrain, the UAE and Oman. The higher ranking
(in 2017) was due to several factors, including the issuance of both global sovereign
sukuk―after a two-year absence―and domestic sukuk, the better performance of Islamic
funds, and the funding of infrastructure projects under the China-Pakistan Economic Corridor
(CPEC) via Islamic finance (ICD-Thomson Reuters, 2017). summarises Pakistan’s
position in terms of global market share in Islamic finance assets by sector as at end-2016, as
reported by ICD-Thomson Reuters Report 2017.