ISLAMABAD, 27 JAN (DNA) – In line with its efforts to bring standardization and harmonization 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 Organization 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.

Headquartered in 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 organization.

It is supported by institutional members (200 members from 40 countries, so far), including central banks, Islamic financial institutions, and other participants from the international Islamic banking and finance industry, worldwide. DNA