PAKISTAN: The Securities and Exchange Commission of Pakistan has proposed an amendment to the Companies Act 2017 introducing Section 42A, which would allow for the licensing and regulation of Waqf management companies.
Operating as not-for-profit entities, these companies would be mandated to manage assets in line with Shariah principles and the declared objectives of the Waqf. Regulatory safeguards will include Shariah compliance monitoring, fiduciary controls and oversight by qualified Shariah advisers.
Categories:
Regulations & StandardsRestricted Access
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