Post by Amir on Jun 11, 2015 9:14:21 GMT 4
Pakistan's securities commission has approved a four-member sharia advisory board to oversee Islamic financial products in the country, as the regulator looks to address credibility concerns which still haunt the industry.
The board, which comprises three religious scholars and a technical member, would advise the Securities and Exchange Commission of Pakistan (SECP) on a range of isssues including the operation, auditing and reporting of Islamic mutual funds, pensions and insurance operators.
"It is expected that the new board will be instrumental in harmonising the sharia-related business, operations and structure of the instruments of the Islamic capital market," the regulator said in a statement.
A centralised approach to Islamic finance is increasingly being adopted around the globe by regulators, moving away from a self-regulatory approach practiced by Islamic banks to rule on the religious permissibility of their products
The board, which comprises three religious scholars and a technical member, would advise the Securities and Exchange Commission of Pakistan (SECP) on a range of isssues including the operation, auditing and reporting of Islamic mutual funds, pensions and insurance operators.
"It is expected that the new board will be instrumental in harmonising the sharia-related business, operations and structure of the instruments of the Islamic capital market," the regulator said in a statement.
A centralised approach to Islamic finance is increasingly being adopted around the globe by regulators, moving away from a self-regulatory approach practiced by Islamic banks to rule on the religious permissibility of their products