The Securities and Exchange Commission of Pakistan (SECP) has delegated the authority to grant Shariah compliance certificates to companies to the Commissioner of the Islamic Finance Department. This move is part of SECP’s ongoing efforts to streamline and enhance regulatory processes in the Islamic finance sector.

SECP issued a formal notification authorizing the Commissioner of the Islamic Finance Department to grant Shariah compliance certificates to companies using a prescribed format known as Form B. This delegation of authority also grants the Commissioner the power to suspend or cancel previously issued Shariah compliance certificates.

The Commissioner will exercise concurrent authority with the Commission in carrying out these functions. In cases where the head of the Islamic Finance Department is vacant or the designated authority is unable or unavailable, the powers and functions delegated will automatically transfer to the Commissioner, ensuring the continued efficiency of regulatory activities.

It’s important to note that this delegation of authority does not invalidate prior actions or decisions made under earlier notifications, and all such actions remain valid and lawful. Pending proceedings under previous notifications will be transferred to the delegated authority to maintain continuity in the regulatory process.

Overall, SECP’s move to delegate authority for Shariah compliance certificates aims to streamline the process, enhance regulatory efficiency, and promote the growth of Islamic finance in Pakistan.