The Securities and Exchange Commission of Pakistan (SECP) has formed the Shariah Advisory Board (SAB), which will be responsible to harmonize the Shariah interpretations and strengthen the regulatory and supervisory oversight of Islamic financial institutions (IFIs) and Islamic capital markets (ICMs) in Pakistan.

It will also advise the commission on the shariah-compliant aspects of various products launched and or the processes being adopted by the regulated entities.

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The board will also provide guidance for issuance of new laws, rules and regulations for effective monitoring and supervision of Islamic Financial Products and to suggest ways and means for development of IFIs and ICMs in the country.

The commission has designated Mohammed Asif, the insurance commissioner, to oversee smooth functioning of the board, whereas renowned scholar of Islamic jurisprudence and finance, Mufti Muhammad Hassan Kaleem, has been appointed as the chairman.

Kaleem brings with him a rich experience of Islamic finance being the shariah adviser to a number of Islamic financial institutions around the world.

Other Shariah scholars who have been appointed are Mufti Najeeb Khan, Mufti Irshad Ahmad Eijaz, Mufti Shabbir Hasan Maisami and Mufti Syed Sabir Hussain. Omar Mustafa Ansari, a professional accountant, and Sultan Mazhar Sher, a legal expert, will represent as technical members.

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Also, Muhammad Kashif Siddiqee, joint director, and Tariq Naseem, deputy director, will represent the SECP. Bushra Aslam, secretary to commission, will also be secretary to the SAB.

The Insurance Commissioner, Mohammed Asif, hoped that the SAB would play a key role in boosting this sector, especially in ensuring products innovation and ensuring a robust Shariah-compliant Islamic financial and capital market.