SECP Working on Strategic Action Plan for Development of Islamic Finance

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The Securities and Exchange Commission of Pakistan (SECP) is in the process of developing a strategic action plan for the development of Islamic finance within its regulated sector and implementation of the recommendations of the diagnostic review.

According to the SECP’s annual report (2022-23) issued on Wednesday, for achieving greater standardization in the Islamic financial industry, work is underway for the development and implementation of a strategy for global Islamic finance standards, as well as for the adoption of the staggered approach in AAOIFI standard adoption.

To strengthen the legal and regulatory framework for Islamic Finance, SECP is undertaking reforms for robust legal and regulatory framework for Islamic finance, which include amendments in Modaraba Ordinance, 1980, amendments to the subsidiary legislation for Modarabas that include revision of Modaraba Rules, Modaraba Regulations and various circulars, drafting Islamic Financial Services Act, revamp of Shariah Governance Regulations and introduction of Shariah governance framework for NBFCs.

The SECP believes that the above-mentioned work streams, along with milestones to be determined through the Islamic Finance Strategic Plan 2023-25, will pave the way for the organized development of Islamic finance within the regulatory domain of SECP.

In a landmark development for the growth of Islamic finance in the non-bank financial sector, SECP has issued guidelines for offering Islamic financial services covering all its regulated sectors.

The guidelines are framed to facilitate the growth of Shariah-compliant financial products in the financial services market regulated by the SECP, which includes Islamic capital markets, Takaful, Modarabas, NBFCs, pension and private funds, REITs, and so on. Issuance of these guidelines is part of SECP’s resolve to promote and develop an Islamic financial system in line with the constitutional objective of the Islamization of the economy and in light of the recent judgement of the Federal Shariah Court.

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