SECP adopts four Int’l Shari’ah Stan­dards

The Pak Banker - - FRONT PAGE -

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.

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