PAKISTAN: The Securities and Exchange Commission of Pakistan (SECP) issued a directive for modaraba companies with amendments to the Consolidated Circular for Modarabas, published as SRO 1861(I)/2024 dated the 19th November 2024. The SECP reiterated that modarabas must be fully compliant with Islamic principles – making this governance and compliance a fiduciary responsibility for the company’s directors. A further requirement is for an external Shariah audit applicable for the period ending on or after the 30th June 2025.
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