Shariah Governance Regulations 2023

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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad the 14th September, 2023 NOTIFICATION S.R.O. 1314 (I)/2023. – In exercise of powers conferred under section 512 read with
section 451 of the Companies Act, 2017 (XIX of 2017), the Securities and Exchange
Commission of Pakistan is pleased to make the Shariah Governance Regulations, 2023, the same having previously published vide notification No. S.R.O. 230 (I)/2023 dated March 1, 2023.
CHAPTER I
PRELIMINARY

1. Short title and commencement, - (1) These regulations shall be called the Shariah
   Governance Regulations, 2023.
   (2) They shall come into force at once.
   (3) The provisions of these regulations shall be in addition to and not in derogation of any other regulation in the matters concerning declaration of any company or security as Shariah compliant company and Shariah compliant security, respectively.
2. Definitions, - (1) In these regulations, unless there is anything repugnant in the subject
   or context, –
   (a) “Act” means the Companies Act, 2017 (XIX of 2017); (b) “Commission” means the Securities and Exchange Commission of Pakistan established under section 3 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997); (c) “Form” means forms appended to these regulations; (d) “Islamic financial institution” means a company, entity or institution offering Islamic financial services as a main business activity, including but not limited to the following; i) an NBFI, as defined in clause (n) of sub-section (1) of section 2 of the SECP Act, 1997; ii) a regulated person, as defined in clause (pb) of sub-section (1) of section 2 of the SECP Act, 1997; iii) a financial institution as defined in clause (31) of sub-section (1) of section 2 of the Act; and iv) any other type of company, entity or institution, as may be notified by the Commission from time to time,