IslamicFinance.de

Securities and Exchange Commission of Pakistan (SECP) has approved a four-member sharia advisory board to oversee Islamic financial products in the country, as the regulator looks to address credibility concerns. The board, which comprises three religious scholars and a technical member, would advise SECP on a range of issues including the operation, auditing and reporting of Islamic mutual funds, pensions and insurance operators. Besides, in February, the SECP published long-awaited rules for the issuance of sukuk as part of efforts to strengthen governance and broaden their appeal to investors. Oman's central bank set up a sharia supervisory board last October, with Bahrain and the United Arab Emirates also developing a similar country-level approach to the industry.