Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb reaffirmed on Saturday the government’s commitment to fostering a facilitative, transparent, and predictable policy environment that encourages investment, supports innovation, and strengthens Pakistan’s capital markets, while contributing to sustainable and inclusive economic development.
He chaired a virtual meeting of the Focus Group on Incentivizing and Facilitating the Growth of Real Estate Investment Trusts (REIT), the Finance Division said.
The meeting deliberated on measures aimed at strengthening the REIT framework and enhancing its contribution to economic activity and capital market development.
During the meeting, the finance minister appreciated the active engagement of stakeholders and acknowledged the constructive role of the business community, financial institutions, and market participants in contributing to policy dialogue.
The minister also underscored the importance of continued and structured consultation “to ensure that reform efforts remain responsive to market needs, grounded in practical considerations, and aligned with broader economic objectives.”
The discussion covered key areas central to the growth and scalability of the REIT sector and deliberated on refining the taxation framework, streamlining processes to facilitate REIT issuers, and strengthening “the overall market ecosystem to enhance investor participation, particularly from retail segments”.
Participants noted that while the REIT market in Pakistan has made initial progress, significant potential remains to deepen its reach through targeted policy measures and improved coordination, added the ministry.
Addressing procedural inefficiencies, ensuring clarity in regulatory requirements, and fostering alignment among stakeholders were identified as critical to unlocking this potential.
The minister highlighted their role in promoting documentation and supporting the formalization of the real estate, construction, and development sectors, alongside improving capital allocation and economic activity.
Discussions also focused on broadening investor participation and improving market depth. Enhancing investor awareness, strengthening confidence in REIT instruments, and ensuring efficient secondary market functioning were highlighted as key to facilitating investor entry and exit and sustaining market growth.
The meeting further emphasized aligning Pakistan’s REIT framework with evolving international practices while maintaining simplicity, clarity, and ease of implementation.
They also stressed the importance of adopting pragmatic and well-calibrated measures that effectively support market development without adding unnecessary complexity.
The meeting concluded with a shared understanding on the way forward, including continued engagement among stakeholders and timely follow-up on identified areas, as per the statement. Separately, Aurangzeb here on Saturday chaired a virtual meeting with Presidents and Chief Executive Officers of commercial banks, along with their Chief Information Security Officers (CISOs).
The meeting focused on enhancing cybersecurity preparedness across Pakistan’s financial sector in light of emerging technological risks and evolving threat dynamics, said a press release issued by the Ministry of Finance.
A detailed presentation was delivered outlining the evolving cyber threat landscape, including the growing sophistication of AI-enabled cyber tools capable of identifying vulnerabilities, developing exploits, and executing multi-stage attacks at unprecedented speed.
Participants were also apprised of evolving international policy responses to emerging AI-driven cyber risks. It was noted that finance ministries and central banks globally are increasingly treating such developments as high-priority systemic concerns, engaging through coordinated high-level platforms, including the IMF-World Bank Spring Meetings and bilateral consultations with major financial institutions.
The discussion highlighted that Pakistan’s ongoing engagement on these issues is aligned with global efforts to strengthen next-generation financial infrastructure, enhance cyber resilience, and promote responsible innovation in the financial sector. The Finance Minister urged the State Bank of Pakistan and the Pakistan Banks’ Association to undertake a comprehensive review of existing frameworks, identify key gaps, and assess all relevant aspects of cyber risk management and institutional preparedness.