The Securities & Exchange Commission of Pakistan (SECP) has reconstituted its Shariah Advisory Committee (SAC) under the SECP Act, 1997.
The SAC is mandated to assist SECP in approving Shariah-compliant issues and guidance for the promotion of Islamic finance within the regulatory ambit of SECP. It has been further mandated to perform functions under rule 25 of the Takaful Rules, 2012.
SAC will be chaired by prominent scholar Dr. Mufti Irshad Ahmed Aijaz, who is also serving as Chairman of the State Bank of Pakistan’s (SBP) Shariah committee and is a member of the Religious Board for Modarabas. Other members included Omar Mustafa Ansari, who is a renowned chartered accountant by profession and is presently serving as Secretary General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Source: Pro Pakistan