The Securities and Exchange Commission of Pakistan (SECP) has approved the appointment of the Shariah Advisory Board of the SECP pursuant to section 9 of the 1997 Securities and Exchange Commission of Pakistan Act. The Board comprises three Shariah scholars and one technical member.
Former Justice Khalil ur Rehman, Mufti Muneeb ur Rehman, and Professor Dr Tahir Mansoori are the Shariah members, while Bilal Rasul, Head of Islamic Finance Department, SECP, is the technical member and Secretary of the Board. Former Justice Khalil ur Rehman has been named Chairman of the Board. The Board will provide guidance to the Commission, and will be entrusted to provide Shariah opinion on the laws, rules, regulations agreements and documents, put forth to it for the purpose.
The guidance and advice of the Board will enhance the credibility of Islamic financial institutions and products of Islamic capital market. The SECP reaffirms its commitment to the growth and development of Islamic capital market by achieving the Maqasid-al-Shariah (objectives of Shariah). The board shall also advise on the products, instruments, Shariah auditing and reporting standards, and business operations of the Islamic financial institutions, which include Islamic mutual funds, Islamic pension funds, Takaful operators, and other financial institutions, to ensure their compatibility with the Shariah.-PR