The Securities and Exchange Commission of Pakistan (SECP) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) are hosting first one-day international conference on Islamic capital markets on May 29, 2023 to define the future direction for the Islamic capital markets in light of the recent judgment of the Federal Shariat Court (FSC) as well as the fast-changing dynamics of the market. The conference is being organized in cooperation with key industry players in the non-bank financial sector and capital market infrastructure institutions, said a press release issued here Thursday. The AAOIFI is a Bahrain-based, renowned global standard-setting body, entrusted with ensuring the soundness and stability of the Islamic financial services industry, including banking, capital market, and insurance/takaful, in accordance with Shariah. So far, it has issued more than 115 standards in the areas of Shariah, accounting, auditing, ethics, and governance, which are adopted / adapted in different shape and form in no less than 47 jurisdictions and 41 countries globally. Given the rising need for expansion of Islamic capital markets on a global scale, the conference has been themed “ICM developments with ecosystem completion: innovation, growth, and transformation.” Eminent speakers, policymakers, and experts of the global Islamic financial services industry from Bahrain, Malaysia, Saudi Arabia, Turkiye, UAE and UK are expected to participate in the conference. Leading players from the local stock market, the mutual fund industry, non-banking financial institutions, and representatives from the takaful industry from Pakistan will attend the conference.