IslamicFinance.de

The Securities Exchange Commission of Pakistan (SECP) is in the process of drafting a Shariah regulatory framework. Addressing at the second day of "World Islamic Finance Forum" (WIFF), SECP Chairman Zafar Hijazi said SECP has established a full-fledged Islamic finance department to co-ordinate the Islamic finance initiative. He said SECP is fully supporting Shariah compliant business and the government has implemented the SECP's tax proposal for offering Sukuk. SECP is currently working on harmonisation and standardisation of regulations for a uniform regulatory environment. The commission has an independent Shariah Advisory Board to review product development and adjudicate on Shariah matters.

Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi said on Wednesday the regulator is looking to enhance Shariah compliance in the capital markets by restructuring and reorganising the Islamic capital market. Speaking at the fourth Islamic Finance Expo and Conference as chief guest, Hijazi discussed in detail the roadmap for the promotion of Islamic finance in Pakistan. He added that the SECP is centralising the Shariah-related capital market activities besides improving the regulatory framework for Takaful, Modarabas, Islamic mutual funds, Islamic pension funds and Islamic real estate investment trusts (REITs).