The Securities and Exchange Commission of Pakistan (SECP) published an update outlining reforms aimed at developing a deeper Sukuk market and advancing a digitalisation agenda intended to improve access to finance, enhance financial inclusion, and increase efficiency in the delivery of financial services. The update was issued following an SECP head office meeting with the President of Askari Bank Limited and the bank’s senior leadership. Initiatives described as underway include digital bank account opening for corporates, digital distribution of financial products such as mutual funds, pension funds, and insurance, and auto-induction of private company shares into the central depository system. The programme also envisages partnerships with banks to facilitate corporatisation and an expanded role for banks in both primary issuance and secondary trading of equity and debt instruments. SECP also highlighted work to introduce retail digital Sukuk through partnerships with telecom operators, supported by end-to-end digital processes for Sukuk subscription and trading. Plans to launch micro-Sukuk were framed as a further step to provide affordable Shariah-compliant investment options for small savers and underserved communities, alongside proposed dedicated sessions with banks to explore expanded digital delivery of financial services.

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