Page 86 - CMA Journal (July-August 2025)

Other Features
Ot her Fea t ure s
O TH ER F EATURES
REGULATORY
REGUL A TORY

WATCH
W A TCH

By ICMA Research and Publica ons Department
B y ICMA R esear ch and Public a ons Departmen t

SBP Launches PRISM+ to Modernize intermediary services in line with the constitutional
mandate to eliminate riba. Institutional investors, including
Payment Infrastructure takaful operators, NBFCs, collective investment schemes,
pension schemes, modarabas, private funds, and brokers,
The Governor of the State Bank of
Pakistan (SBP), Mr. Jameel Ahmad, must in the first phase frame an internal policy by December
has launched the PRISM+ system, 31, 2025, report progress quarterly from March 31, 2026, and
Pakistan’s upgraded Real-Time add at least one Shariah-compliant broker by June 30, 2026.
Interbank Settlement Mechanism, In the second phase, July 2026–June 2027, at least 20
aimed at modernizing financial percent of trading must be routed through
market infrastructure and Shariah-compliant brokers, after which SECP will decide the
supporting a digitally empowered way forward. Entities are also encouraged to use takaful and
economy. PRISM+ adopts the ISO Shariah-compliant asset management services, while PSX
20022 global messaging standard, has been advised to develop a Shariah-compliant trading
offering real-time liquidity mechanism and CDC to enhance visibility of such
management, transaction intermediaries on digital platforms.
prioritization, future-dated payments, and integration with
the Central Securities Depository for auctions and monetary SECP Grants Digital Lending Licenses
operations. PRISM processed over PKR 1,043 trillion in FY24, to Boost FDI
and the upgrade enhances capacity and efficiency to meet
growing market needs. Governor Ahmad highlighted the The Securities and Exchange Commission of Pakistan (SECP)
rise in digital finance, with 225 million bank and wallet has issued an Investment Finance Services license to
accounts, and stressed strict cybersecurity, AML, and fraud Foremost Financial Services Pvt Ltd to operate as a
controls. He acknowledged World Bank support and Non-Banking Finance Company (NBFC) for digital
collaboration with banks, consultants, and technology nano-lending, while Instant Finance Pvt Ltd has been
partners, describing PRISM+ as a strategic asset to drive granted prior permission to register as an NBFC for SME
innovation, financial stability, and inclusion. digital lending. Backed by sponsors with an international
presence in Indonesia, Mexico, and Nigeria, these approvals
SECP Releases Insurance Industry reflect renewed investor confidence and positive
momentum for foreign direct investment (FDI) in Pakistan’s
Statistics 2024 regulated financial sector. SECP said the swift processing of
these cases demonstrates its commitment to regulatory
The Securities and Exchange
Commission of Pakistan (SECP) has efficiency, financial inclusion, and diversification of the NBFC
released the Insurance Industry sector by attracting reputable, innovation-driven
Statistics 2024, showing total institutions.
industry assets rising to Rs. 3,554
billion and gross premiums SECP Mandates Digital Payments by
increasing 7% to Rs. 677 billion. The October 2025
takaful sector grew strongly, with family takaful up 37% and
general takaful 24%, bringing combined premiums close to The Securities and Exchange Commission of Pakistan (SECP)
Rs. 100 billion. Private sector life premiums rose 25%, digital has directed all licensed entities, including Non-Banking
channel premiums tripled, and overall takaful contributions Finance Companies, insurance companies, modarabas,
expanded rapidly. SECP highlighted priorities including a securities brokers, and other intermediaries, to adopt and
five-year development plan, agricultural and disaster risk display digital payment solutions, particularly Raast QR
insurance, digital financial inclusion, and adoption of codes, at their outlets by October 31, 2025. Entities must
international standards such as IFRS 17 and the Risk-Based ensure visibility and cannot refuse customers opting for
Capital regime. digital payments. SECP said the initiative, aligned with the
State Bank of Pakistan’s digitization drive, will enhance
SECP Orders Use of Shariah- financial inclusion, transparency, and efficiency, and urged
stakeholders to coordinate with banks, microfinance banks,
Compliant Brokers and electronic money institutions to obtain free Raast QR
codes for timely compliance.
The Securities and Exchange Commission of Pakistan (SECP)
has directed licensed entities to facilitate Shariah-compliant
84 ICMA’s Chartered Management Accountant, Jul-Aug 2025