Global Islamic economy: Pakistan has potential to expand its share: ICCD

Yousef Hassan Khalawi, Secretary General of the Islamic Chamber of Commerce and Development (ICCD), told an SECP Talk Series that Pakistan can grow its share of the global Islamic economy through new Shariah-compliant products, firmer regulation and skilled people. Business Recorder reported that he cited the country's large Muslim population, sizeable diaspora and deep bench of finance professionals as a solid base. He added that the industry needs a forward-looking stance, especially in fintech, with offerings that can serve home and overseas customers alike.

Turning to Maqasid al-Shariah, Khalawi argued that Islamic finance should reach past transactions into social and economic development. He pointed to listed Waqf structures as a vehicle for pooling small contributions toward education, healthcare and infrastructure, and named agricultural finance as an underused area. SECP Commissioner Imtiaz Haider said 309 PSX-listed securities are Shariah-compliant, making up 65 percent of total market capitalisation with a combined value of Rs13.2 trillion.

Islamic mutual fund assets climbed to Rs2.2 trillion by June 2026, against Rs722 billion in June 2023. Haider added that 197 of the 389 mutual funds in the country meet Shariah requirements. The session, moderated by Dr Tariq Naseem, closed with a question-and-answer round and a commemorative shield for Khalawi.