SECP adopts four Int’l Shari’ah Standards

In line with its efforts to bring standardization and harmonization in Shari'ah-related matters of Islamic financial institutions (IFIs) under its regulation and supervision, the Securities and Exchange

Commission of Pakistan (SECP) has adopted Shari'ah Standards numbers 3, 8, 9 and 13 issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Prior to adopting the standards, the SECP circulated them among stakeholders/industry to solicit their feedback, says a statement issued by the Commission here Wednesday. The comments received from the stakeholders/industry were placed alongside the standards before the Shari'ah 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 Shari'ah standards for IFIs and the industry.