Regulatory Alerts2026-01-01
Directive on Shariah Compliant Debt Securities dated 26th February 2026
The Securities and Exchange Commission of Sri Lanka has amended regulations to reduce the number of Accredited Shariah Scholars required to certify Shariah Compliant Debt Securities for listing on the Colombo Stock Exchange. This directive lowers the requirement from previous standards to mandate engagement with exactly two approved scholars to obtain the necessary Shariah Compliance Certificate. The Commission directs the Colombo Stock Exchange to inform all entities issuing such securities in domestic or international markets to comply with this revised certification process.
SEC SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA ශ්රී ලංකා සුරැකුම්පත් සහ විනිමය කොමිෂන් සභාව இலங்கை பிணையங்கள் மற்றும் பரிவர்த்தனை ஆணைக்குழு
26th February 2026 Ref: SEC/DDG/2026/02/49
TO : THE COLOMBO STOCK EXCHANGE
DIRECTIVE ISSUED IN TERMS OF SECTION 16(c) OF THE SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA ACT NO. 19 OF 2021 (SEC ACT)
Further to the Directive dated 2nd May 2024 (Ref: SEC/DG/2024/04/110) issued by the Securities and Exchange Commission of Sri Lanka (SEC), the SEC at the 528th Commission Meeting held on 13th January 2026, approved the following in relation to Accredited Shariah Scholars recognized as “Supplementary Service Providers” under the SEC Act No. 19 of 2021, providing the service of certifying the Shariah Compliant Debt Securities such as Sukuk that would be listed on the Colombo Stock Exchange (CSE) as per the Listing Rules of the CSE.
The Commission resolved to reduce the number of Accredited Shariah Scholars required to sign off on the Shariah Compliance Certificate for Shariah Compliant Debt Securities prior to listing the same on the CSE. The Guidelines applicable to Accredited Shariah Scholars published on the SEC website have also been amended to reflect the above revision.
The CSE is hereby directed to inform any entity that wishes to issue Shariah Compliant Debt Securities either in the domestic or international market and list on the CSE to engage any two (02) of the Approved List of Accredited Shariah Scholars for the purpose of obtaining the Shariah Compliance Certificate for the product.
(Signature) Tushara Jayaratne OFFICER IN CHARGE DEPUTY DIRECTOR GENERAL
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