Securities and Exchange Commission of Pakistan Initiates Committee for Shariah-Compliance Review

The Securities and Exchange Commission of Pakistan (SECP) has proposed the establishment of an Oversight Committee (OC) for the purpose of reviewing Shariah-compliance of listed securities and corporates.

Draft amendments to existing Shariah Governance Regulations, 2018 through SRO 510(I)/2020, were issued by the SECP on the 3rd of June 2020. An amendment to form the OC has been proposed in regulation 12.

Criteria within the draft amendment include the creation of the OC to establish and oversee Shariah-screening criteria. Proposed members of the OC include the Chairman of the Shariah Advisory Committee of the SECP as the Head, along with a representative each from the Pakistan Stoc...