In line with its efforts to bring standardisation and harmonisation in shari’ah-related matters of Islamic financial institutions (IFIs) under its regulation and supervision, the Securities and Exchange Commission of Pakistan (SECP) has adopted shari’ah standards numbers 3, 8, 9 and 13 issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
Prior to adopting the standards, the SECP circulated them among stakeholders/industry to solicit their feedback. The comments received from the stakeholders/industry were placed alongside the standards before the Shari’ah Advisory Board (SAB) for its consideration. After the concurrence of the SAB, the SECP approved the above-mentioned standards for adoption by IFIs with certain amendments/clarifications as suitable for the capital market.
Headquarteredin Bahrain, the AAOIFI, is an Islamic international autonomous non-profit corporate body that prepares accounting, auditing, governance, ethics and shari’ah standards for IFIs and the industry. It is an independent international organisation.
