ISLAMABAD: The Securities and Exchange Commi­ssion of Pakistan (SECP) has reconstituted its Sharia Advisory Committee (SAC) under the SECP Act 1997.

The SAC is mandated to assist SECP in approving sharia-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.

The advisory committee will be chaired by prominent scholar Dr Mufti Irshad Ahmed Aijaz, who is also serving as chairman of the State Bank of Pakistan’s sharia 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 Organisation for Islamic Financial Institutions (AAOIFI).

Published in Dawn, July 21st, 2022