ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), a corporate legislative and financial regulatory agency, has issued a ‘concept paper’ to revive and modernize ‘waqf’ charitable endowments for Islamic social finance, it said on Monday.
In Islamic tradition, waqf charitable endowments, or religious donations, are made by Muslims for the benefit of the community. Historically, the instrument has funded education, health care and social welfare, supporting institutions like Al-Azhar and the Ottoman public works system.
Waqf remains an important player in the socio-economic fabric of the Muslim world and countries like Malaysia, Turkiye, and Indonesia have successfully adapted it to modern financial systems through regulatory frameworks, innovative governance models, and Shariah-compliant financial instruments.
But in Pakistan, the financial instrument remains underutilized due to outdated management practices and the lack of a robust regulatory framework, according to the SECP, which aims to develop modern and efficient corporate sector, insurance and capital markets in Pakistan.
“The concept paper proposes strategies to harness waqf for Islamic social finance, including reinvigorating the waqf institution, enabling the establishment of waqf in corporate structures as waqf companies, and developing Islamic instruments and financial services products for such companies,” the regulator said.
The proposals aim to improve efficiency, complete the Islamic finance ecosystem, and create social impact in Pakistan, according to the SECP. The suggested pathway to transform waqf into a dynamic, sustainable and impactful institution for socio-economic development will be deliberated and discussed with key industry stakeholders before initiating the required regulatory interventions.
It noted that the concept paper included various options, such as amending provincial waqf laws and other regulations, to provide for waqf companies in order to address concerns pertaining to its jurisdiction and legal considerations.
“It is expected that the revival and modernization of waqf will enable sustainable Islamic social finance institutions, thereby helping achieve the objective of shared prosperity by making resources available for social and welfare projects,” the SECP added.

ISLAMABAD: Business representatives and officials from Saudi Arabia, China, US and the UK, among other countries, will participate in the two-day Pakistan Minerals Investment Forum scheduled to take place this week, Petroleum Minister Ali Pervaiz Malik said on Monday. 

The summit will be held in Pakistan’s capital from April 8-9 and is part of the government’s recent efforts to attract local and international investment in the mining and minerals sector. Pakistan has vast reserves of minerals and natural resources, which the government hopes can become a key source of economic development in the future. 

The country is home to one of the world’s largest porphyry copper-gold mineral zones. The Reko Diq mine in southwestern Balochistan has an estimated 5.9 billion tons of ore. Barrick Gold, which owns a 50 percent stake in the Reko Diq mines, considers them one of the world’s largest underdeveloped copper-gold areas, and their development is expected to have a significant impact on Pakistan’s struggling economy. 

Pakistan’s state media said in February that the Oil and Gas Development Company Limited (OGDCL), the country’s leading exploration and production (E&P) company, in collaboration with the government and strategic partners, would organize the summit. 

“We are expecting participation at the senior level [for the summit] from Azerbaijan, Saudi Arabia, China and America,” Malik told reporters at a press conference, adding that participants from Denmark, Finland, Kenya and the UK are also expected to attend. 

Malik said the government estimates around 2,000 people to participate at the event, out of which 300 are expected to be foreigners. He said Pakistan will sign key agreements and memoranda of understanding (MoUs) with other countries at the summit. 

“It is the prime minister’s wish that we do not restrict this event to just words, so we will confirm some MoUs in front of you,” Malik said. “Along with this, not just MoUs but a few agreements will also be executed after which we will take these entire matters toward implementation.”

The minister said that the government will formally unveil Pakistan’s newly developed, investor-friendly National Minerals Harmonization Framework 2025, which aims to attract investment in the country’s mineral sector.

Pakistan has designated mining and minerals as a priority sector for national economic development, aiming to reduce its reliance on imports and enhance exports. The country is undertaking efforts to utilize its natural resources through foreign investment and collaboration to stabilize its $350 billion economy, which has suffered a prolonged economic crisis over the past few years.