The SECP empowers the Islamic Finance Commissioner to issue Shariah Compliance Certificates.
On Friday, the commission issued S.R.O. 1349 (I)/2023, formally empowering the Commissioner of the Islamic Finance Department to provide Shariah compliance certifications to enterprises in a defined format known as Form B.
This initiative is part of SECP’s continuous efforts to streamline and improve financial regulatory operations. Furthermore, the commissioner now has the ability to suspend or revoke Shariah compliance certifications already issued under these laws.
SECP has also said that the commissioner would have concurrent authority with the Commission to carry out the assigned powers and tasks.