ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued guidelines for offering Islamic financial services covering all its regulated sectors.

The guidelines are framed to facilitate the growth of Shariah-compliant financial products which include Islamic capital markets, Takaful, Modarabas, NBFCs, pension and private funds, REITs, and so on.

The guidelines are based on notions of proportionality and gradualism and cover key principles for the conduct of Shariah-compliant operations by persons offering Islamic financial services. It also introduces the concept of “Islamic windows” in all regulated sectors, apart from providing detailed guidelines for the conversion of conventional financial institutions into Islamic financial institutions.

Published in Dawn, January 12th, 2023