ISLAMABAD: With aim to promote Islamic Finance in the country, the Securities and Exchange Commission of Pakistan (SECP) has set a roadmap for the enhancement of Shariah compliance in the capital market by restructuring and reorganising the Islamic capital market.
The SECP is taking step on the advice of Islamic Finance Department (IFD) and SECP Chairman Zafar Hijazi, who is interested for the growth of Islamic financial market and Shariah complaint companies in the country.
The Media and Corporate Communication Department of the commission has said that the SECP is centralising the Shariah-related capital market activities, introduction of Shariah Regulation for takaful, modarabas, Islamic mutual funds, Islamic pension funds, Islamic REITs, Islamic products and instruments, Shariah complaint (non-financial), other Islamic financial institutions except banking.
In this regard, recommendations have been given by SECP to Steering Committee that submitted its report to Finance Minister Ishaq Dar. Steering Committee has form a SBP-SECP Joint Forum on Islamic Finance for the implementation of the recommendations.
