Opening the conference, Wathra felicitated the SECP and USAID for holding the moot and proposed that the Non-Bank Financial sector may consider introducing deposit protection scheme for its depositors. He assured that the SBP would provide full support in resolution of issues faced by the NBFI sector. Chairman SECP Zafar Hijazi said the conference would provide a platform to the policymakers, international experts and industry players to debate the challenges faced by our non-bank financial sector and capital markets and suggest a way forward after taking into consideration the local industry dynamics and international best practices.
The conference, he said, was a part of the SECP's continuous efforts to improve overall business environment through consultative process which would benefit all the stakeholders including market participants and the regulator. He further said the SECP was constantly striving to promote investment in the country. The SECP chief emphasised that regulatory measures could help in ensuring provision of a conducive regulatory environment, however, real thrust has to come from the market participants and they need to look at regional and international best practices to offer suitable and cost-effective products to give investors a "fair deal" so that potential of financial markets should be fully explored.
USAID Mission Director John Groarke told the meeting that his Agency was working with the Government of Pakistan on debt security issuances, strengthening the debt market and helping four signatory financial institutions increase access to loans for micro, small, and medium enterprises (SMEs). Key to that, he said, was developing private-equity finance to improve access to all forms of financing for SMEs, such as equity, leasing, venture capital and credit financing.
The conference focuses on topics, such as the leasing sector, Islamic financing and capital-market development. Discussions aimed at reducing regulatory constraints and fostering common interests to support economic growth. More than 250 participants, including foreign and local financial sector experts, industry professionals and senior government officials, are attending the conference.
The first two days have been divided into six different sessions and each session have been dedicated to a particular segment of Non-Bank Financial Sector which includes leasing, investment banking, micro finance, housing finance, mutual funds and modarabas. The third day of the conference has been allocated to deliberate the dynamics and outlook of our capital markets.