PAKISTAN: The Securities and Exchange Commission of Pakistan (SECP) is proposing a new legislation, which may be called the Islamic Financial Services Act, that may consolidate all the relevant provisions into one piece of legislation while serving as a reference point for the development of case laws in
the judicial system. Stating that current governing laws and regulations on Islamic finance in
the non-banking sector are scattered and often inconsistent, the SECP added: “The proposed law will free the development of Islamic financial products from the need to wrap Islamic concepts into a conventional framework.”
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