ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has envisaged a roadmap for restructuring and reorganizing of the Islamic Capital Market (ICM).
According to a spokesman of SECP, the initiative aims at the promotion of Shariah compliance in the capital market of Pakistan.
The roadmap entails centralization of the Shariah related capital market activities, introduction of uniform Shariah Regulation for the takaful, modarabas, Islamic mutual funds, Islamic pension funds, Islamic REITs, other Islamic financial institutions, Shariah compliant Companies, Islamic products and instruments.
The spokesman said Chairman SECP Zafar Hijazi is very keen to work for the growth and promotion of Islamic financial industry and Shariah compliant companies in the country.
Implementation of the work at SECP is being pursued by the Islamic Finance Department established in February, 2015 for achieving the objective of a robust and credible Islamic capital market.
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