ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has notified three new instruments or investments, along with Sharia-compliant government securities i.e., Islamic income and money market funds; Sharia-compliant listed Sukuk/TFCs, and Sharia-compliant bank accounts.

In this regard, the SECP has issued an SRO 121 (I)/2022, here on Monday.

According to the notification, in exercise of the powers conferred by section 41B of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 read with clause (g) of sub-regulation 4 of regulation 17 of the Modaraba Regulations, 2021, the SECP has notified the following instruments or investments, in addition to Sharia-compliant government securities: (I) Islamic income and money market funds with a rating of AA-; (II) Sharia-compliant listed Sukuk/TFCs rated “A” or above; and (III) Sharia-compliant bank accounts rated “A” or above.

Copyright Business Recorder, 2022