SECP Proposes Major Overhaul of Shariah Governance Regulations
The Securities and Exchange Commission of Pakistan has proposed sweeping changes to its Shariah governance framework, signalling a significant regulatory shift for the country's Islamic finance sector. The proposed amendments are expected to tighten oversight mechanisms for Shariah-compliant financial products and institutions operating under SECP's jurisdiction.
The reforms come at a time when Pakistan's Islamic banking and capital markets have been expanding rapidly, drawing scrutiny over the consistency and robustness of Shariah compliance structures across the industry. The SECP's move reflects growing regulatory intent to align domestic frameworks with international best practices in Islamic finance governance.
Key proposed changes are understood to include revised standards for Shariah advisory board composition, enhanced disclosure requirements, and stronger internal audit protocols. These measures are aimed at reducing ambiguity in Shariah rulings and improving investor confidence in Islamic financial instruments.
The proposals are expected to be circulated for public consultation before formal adoption. Industry stakeholders, including Islamic banks, takaful operators, and asset managers, are likely to engage closely with the SECP during this review period. The outcome could reshape compliance architecture across Pakistan's formal Islamic financial ecosystem.
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