Umair Bhie what are latest news on FEM...... it is gaining momentum.....??????
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Modarba Sector
Started by khalid, Nov 16 2006 06:59 PM
31 replies to this topic
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Posted 08 February 2012 - 12:46 PM
SECP issues Shariah audit mechanism for modarabas
Tuesday, 07 February 2012 21:13
KARACHI: A system has been finalized under theguidance of the SECP Religious Board that will ensure and verify thatthe business transactions undertaken by modarabas are in accordancewith the pattern of Islamic banks in compliance with injunctions ofIslam.
This was stated by the Chairman, NBFI & Modaraba Association ofPakistan Basheer A. Chowdry in a statement here Tuesday.
Dilating on further details, he said after an in-depthconsultative process undertaken by SECP in which most of the modarabasparticipated, a formal mechanism namely Shariah Compliance and ShariahAudit Mechanism (SCSAM) is being introduced to further enhance thequality of existing compliance and eliminating the risk or possibilityof any inadvertent violation of Shariah principles by the Modarabas.
A detailed Shariah Compliance and Shariah Audit Mechanism (SCASM)has been issued by Registrar Modarabas SECP which provides anelaborate framework for compliance.
Chowdry said that it also prescribes the screening process forthe investments in shares/securities to maintain the trust of thestakeholders in the Islamic financial system.
He pointed out that the modaraba already execute all theircontracts and business modules according to the patterns approved bythe Religious Board.
It also lays down the process for purifications of dividendincome. Under this plan, investment by the modaraba in the shares andsecurities shall only be made in the companies screened by the Shariahadvisor of the association in accordance with the screening procedure.
Around the world, modaraba is used as an Islamic financialinstrument but Pakistan has the unique privilege of having provided astatutory framework and elaborate regulatory regime for modarabas tooperate as corporate entities rather than remaining only atransactional concept.
Modarabas, having being operational for more than a quarter of acentury, are the pioneer of Islamic finance in Pakistan and have beenconstantly endeavoring to improve compliance to Shariah covenants.
The screening test for the purpose of investment in the shares orother securities will be conducted by the Shariah Advisor of theAssociation who will observe predefined criteria before placement ofthe scrip in the list of Shariah compliant securities.
To further facilitate the process, every modaraba will appoint aShariah Advisor having the prescribed qualifications and experience toperform the mandated functions.
The Shariah Advisors will be appointed before March 31, 2012.Every modaraba will be required to further strengthen its existinginternal audit department either by appointing a trained internalShariah auditor having relevant qualification and experience orproviding specific training to its existing employees for the purposeof internal Shariah audit, to ensure that internal Shariah auditfunctions becomes fully operational with effect from first day ofApril 2012.
Tuesday, 07 February 2012 21:13
KARACHI: A system has been finalized under theguidance of the SECP Religious Board that will ensure and verify thatthe business transactions undertaken by modarabas are in accordancewith the pattern of Islamic banks in compliance with injunctions ofIslam.
This was stated by the Chairman, NBFI & Modaraba Association ofPakistan Basheer A. Chowdry in a statement here Tuesday.
Dilating on further details, he said after an in-depthconsultative process undertaken by SECP in which most of the modarabasparticipated, a formal mechanism namely Shariah Compliance and ShariahAudit Mechanism (SCSAM) is being introduced to further enhance thequality of existing compliance and eliminating the risk or possibilityof any inadvertent violation of Shariah principles by the Modarabas.
A detailed Shariah Compliance and Shariah Audit Mechanism (SCASM)has been issued by Registrar Modarabas SECP which provides anelaborate framework for compliance.
Chowdry said that it also prescribes the screening process forthe investments in shares/securities to maintain the trust of thestakeholders in the Islamic financial system.
He pointed out that the modaraba already execute all theircontracts and business modules according to the patterns approved bythe Religious Board.
It also lays down the process for purifications of dividendincome. Under this plan, investment by the modaraba in the shares andsecurities shall only be made in the companies screened by the Shariahadvisor of the association in accordance with the screening procedure.
Around the world, modaraba is used as an Islamic financialinstrument but Pakistan has the unique privilege of having provided astatutory framework and elaborate regulatory regime for modarabas tooperate as corporate entities rather than remaining only atransactional concept.
Modarabas, having being operational for more than a quarter of acentury, are the pioneer of Islamic finance in Pakistan and have beenconstantly endeavoring to improve compliance to Shariah covenants.
The screening test for the purpose of investment in the shares orother securities will be conducted by the Shariah Advisor of theAssociation who will observe predefined criteria before placement ofthe scrip in the list of Shariah compliant securities.
To further facilitate the process, every modaraba will appoint aShariah Advisor having the prescribed qualifications and experience toperform the mandated functions.
The Shariah Advisors will be appointed before March 31, 2012.Every modaraba will be required to further strengthen its existinginternal audit department either by appointing a trained internalShariah auditor having relevant qualification and experience orproviding specific training to its existing employees for the purposeof internal Shariah audit, to ensure that internal Shariah auditfunctions becomes fully operational with effect from first day ofApril 2012.
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