{
  "id": 2489439,
  "title": "Pakistan has potential to expand role in Islamic finance, says ICCD chief",
  "url": "https://urgent.news/2026/08/21/pakistan-has-potential-to-expand-role-in-islamic-finance-says-iccd",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-21T23:12:02.000Z",
  "source": {
    "name": "Dawn Business",
    "slug": "dawn-business",
    "url": "https://www.dawn.com/news/2024455/pakistan-has-potential-to-expand-role-in-islamic-finance-says-iccd-chief"
  },
  "original_language": "en",
  "account": "Islamabad - Pakistan possesses significant potential to broaden its presence within the global Islamic economy, according to Yousef Hassan Khalawi, Secretary General of the Islamic Chamber of Commerce and Development (ICCD). During a discussion at the Securities and Exchange Commission of Pakistan (SECP) Talk Series, Khalawi emphasized the need for Pakistan to innovate Shariah-compliant financial products, enhance regulatory frameworks, and develop professional expertise to capitalize on the growing Islamic finance market.\n\nPakistan boasts a considerable Muslim population, a considerable diaspora, a burgeoning Islamic finance sector, and a robust pool of financial professionals, providing a solid foundation for tapping into opportunities in the global Islamic economy. In order to effectively navigate emerging areas like fintech, the Islamic finance industry must adopt a proactive approach and devise products catering to both local and international markets.\n\nKhalawi highlighted the potential of listed Waqf structures to garner contributions from individuals, even modest ones, towards causes such as education, healthcare, and infrastructure. He also identified agricultural finance as an underutilized sector, emphasizing the requirement for Shariah-compliant instruments and expertise tailored to that field. Furthermore, he acknowledged the importance of Shariah standardisation and capacity-building, recognizing that developing professionals with a comprehensive understanding of both Shariah principles and modern finance is crucial.\n\nSECP Commissioner Imtiaz Haider discussed the expanding role of Islamic finance in Pakistan's capital markets and non-bank financial institutions. He mentioned that 309 securities listed on the Pakistan Stock Exchange are Shariah-compliant, accounting for 65% of the total market capitalization, with a combined market value of Rs13.2 trillion. He also reported that Islamic mutual fund assets increased from Rs722 billion in June 2023 to Rs2.2 trillion in June, with 197 of the country's 389 mutual funds being Shariah-compliant. Haider further showcased emerging Islamic finance products, including SECP-approved models for Islamic microfinance, housing finance, and investment finance.",
  "summary": "ISLAMABAD: Pakistan has the potential to expand its share in the global Islamic economy by developing innovative Shariah-compliant financial products, strengthening regulatory frameworks and building professional expertise, said Yousef Hassan Khalawi, Secretary General of the Islamic Chamber of Commerce and Development (ICCD). Speaking at the Securities and Exchange Commission of Pakistan (SECP)…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Business Recorder",
        "title": "Global Islamic economy: Pakistan has potential to expand its share: ICCD",
        "url": "https://urgent.news/2026/08/22/global-islamic-economy-pakistan-has-potential-to-expand-its-share-iccd",
        "published": "2026-08-22T01:45:33.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}