ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has adopted four Shariah Standards, issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
The Commission adopted Shariah Standards number 3, 8, 9 and 13 to bring standardisation and harmonisation in Shariah-related matters of Islamic financial institutions (IFIs) under its regulation and supervision.
Prior to adopting the standards, the SECP circulated them among stakeholders/industry to solicit their feedback, says a statement issued by the commission.
The comments received from the stakeholders/industry were placed alongside the standards before the Shariah Advisory Board (SAB) for its consideration. After the concurrence of the SAB, the SECP approved the above-mentioned standards for adoption by IFIs with certain amendments/clarifications as suitable for the capital market.
Headquartered in Bahrain, the AAOIFI is an Islamic international autonomous non-profit corporate body that prepares accounting, auditing, governance, ethics and Shariah standards for IFIs and the industry.
