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Islamic banking

SECP drafts governance rules for Shariah-compliant firms, securities

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has drafted a comprehensive set of regulations for governance of Shariah-compliant companies and entities. The move by the Securities and Exchange Commission of Pakistan (SECP) marks the first time a regulator has defined comprehensive requirements for companies that deem themselves to be compliant with Islamic principles. Regulators across Asia and the Middle East, such as Malaysia and Bahrain, have typically focused their attention on Islamic banks,…

SBP sets rules for banks wanting to be fully sharia compliant

KARACHI: Pakistan's central bank has issued guidelines covering how banks that want to be fully-fledged sharia compliant can achieve that status, setting a three-year time frame for applicants to complete the process. The rules aim to accelerate the growth of Islamic banking in the Muslim-majority country. The sector enjoys double-digit growth but lags conventional banks in terms of size and profitability. Islamic banks follow religious principles such as bans on interest and pure monetary speculation, ruling out the…

Govt forms four sub-committees to promote Islamic banking

ISLAMABAD: Finance Minister Senator Ishaq Dar said on Tuesday that the government is taking structured policy actions to promote Islamic Banking in Pakistan. The finance ministry has issued notifications and agreed on the Terms of Reference (TORs) to form four sub-committees for promotion and facilitation of Islamic banking in the country. The sub-committee on legal and regulatory framework will be chaired by the Governor State Bank of Pakistan, and has representation of various commercial banks, shariah scholars and…