Islamic Institutions to Offer Financial Services in Pakistan
Al Sadat Marketing was informed on Monday by sources that an Islamic financial institution might provide Islamic financial services in the financial services industry.
According to representatives of the Securities and Exchange Commission of Pakistan (SECP), “Islamic financial services” includes any legislation that is governed by Shariah principles and laws, as well as other financial services provided by an Islamic financial institution.
Anyone who provides Islamic financial services must make sure that their management and board of directors are fully aware of their fiduciary duty to its stakeholders with regard to Shariah compliance and governance and make every effort to fulfil it in letter and spirit.
Such individuals who provide Islamic financial services should wisely be aware of any additional factors or special situations that would necessitate them applying proportionality and/or other factors towards the application of the Shariah’s norms and principles.
According to subsection (1) of Section 451 of the Companies Act of 2017, any Islamic financial institution that is a company must obtain a certificate of Shariah-compliant company.
Also, as required by Section 451 of the Companies Act of 2017, every security issued by an Islamic financial institution must receive a certificate of Shariah conformity, they continued.
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