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Friday, 21 March 2008

Pakistan: SECP approves 12 Islamic financing agreements

(The International News, 21/3/2008)

ISLAMABAD: The Securities and Exchange Commission of Pakistan’s Religious Board for Modarabas on Thursday approved 12 Shariah-compliant model Islamic financing agreements and also sanctioned the issuance of ‘Modaraba Sukuks’ (short-term investment certificates) aimed at developing the Islamic financial sector.The approved Shariah-compliant model Islamic financing agreements for the modaraba sector included Diminishing Musharika, Ijara, Istisna, Modaraba, Musawamah, Musharika, Murabaha, Salam, Syndicate Modaraba, Syndicated Musharika, Islamic CFS Murabaha and Sukuk (Islamic bonds) and would be issued under the Modaraba Ordinance 1980.These agreements have been designed to provide the modaraba sector a level-playing field with the financial institutions, and to provide new products for the Islamic financial market. These are flexible and can be modified or amended to the extent that they do not affect the substance of the agreement and are in no way in conflict with Shariah.In the 34th meeting of the Religious Board for Modarabas, which met here with Justice Mian Mehboob Ahmed in the chair, it approved these agreements. The meeting was attended by Member Religious Board Dr Sher Mohammad Zaman, Registrar (Modarabas) Bilal Rasul and Deputy Registrar (Modarabas) Shahid Mehmood representing the SECP, and Chairman of the Modaraba Association of Pakistan (MAP) Mohammad Shoaib, along with other representatives of the MAP.Justice Mian Mehboob Ahmed emphasised the role of the modarabas in the development of the Islamic financial sector and encouraged them to expand their business through innovation and diversification. He highlighted the need to expand outreach to rural and less-developed areas, in order to serve the hitherto neglected sectors while fulfilling the socio-economic principles of Islam.
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