SECP notifies adoption of fresh AAOIFI Shariah, Governance, and Ethics Standards
The fresh Shariah Standards, namely 21, 27, 30, 44, 45, 46, and 53, have been notified through SRO 729 (I)/2024 for implementation by the Islamic financial institutions under SECP’s regulatory domain. The SECP is gradually adopting AAOIFI’s Standards as a benchmark for Islamic financial services, aiming to ensure harmonization and standardization in business practices within the local business context.
Mehfooz
Insurance Companies, CDC ink MoU to establish Pakistan’s first Auto Insurance Repository
Under the regulatory guidance of the Securities and Exchange Commission of Pakistan (SECP), nine insurance companies have signed an MoU with the Central Depository Company of Pakistan (CDC) for the establishment of Pakistan’s first centralized auto insurance repository. The CDC will provide the technological support for the creation of an automated repository.
CDC announces further tariff reductions to facilitate Capital Market Investors
The Central Depository Company of Pakistan Limited (CDC) has completely eliminated annual maintenance fee for the sub-account holders, as well as announced a full waiver of the CDS connection fee and minimum fees for Securities Brokers.
Editor
SECP asks companies to benefit from Regularize scheme by Sept 15
A two-member team from Securities & Exchange Commission of Pakistan (SECP) visited the Multan Chamber of Commerce and Industry, listened to issues and informed officials about the Companies Regularization Scheme 2024.
Adil Aziz
SECP Publishes Report Crop and Livestock Insurance in Pakistan
Despite the global prominence of agriculture insurance in over 100 countries, Pakistan’s agricultural insurance landscape remains underdeveloped, accounting for only 2% of the total non-life sector premiums. At present, government-led insurance schemes cover approximately 14% of farmers, necessitating substantial expansion and enhancement. The report provides a detailed review of existing government-led agricultural insurance schemes such as the Crop Loan Insurance Scheme, the Livestock Insurance for Borrowers, and the Punjab Fasal Beema Scheme. It also discusses several pilot initiatives by the private sector.
Women, shaping tomorrow’s policy for non-Banking microfinance sector
The Securities and Exchange Commission of Pakistan (SECP), in collaboration with Asian Development Bank (ADB) held a workshop on “Women Equifin: Shaping Tomorrow’s Policy for NBMFCs,” marking a significant milestone in gender equality in the microfinance sector. The workshop launched a draft Women Equality in Finance Policy Framework, based on industry insights and stakeholder feedback.
SECP bootcamp to impart financial literacy to over 1500 educators concluded
The Securities and Exchange Commission of Pakistan, in collaboration with the Ministry of Federal Education and Professional Training, effectively has imparted basic financial literacy concepts to over 1500 teachers from 432 Federal Government Schools & College of Islamabad Capital territory.
PSX Lists International Packaging Films Ltd. with a Gong Ceremony
A gong ceremony was held at Pakistan Stock Exchange (PSX) to celebrate the listing of International Packaging Films Limited (IPAK). IPAK is a company pioneering and specialising in manufacturing of the five-layer Biaxially Oriented Polypropylene (BOPP) films used for the purpose of packaging. Specifically, it can be used for food and beverages packaging, garment bags and bagging overwrap, as well as printing pouching and strip packaging among other types of packaging.
SECP Introduces Self-Assessment Declaration for NBFC’s to Enroll Digital Lending Apps
The Securities and Exchange Commission of Pakistan (SECP) has introduced a Self-Assessment Declaration Form to expedite and simplify the enrollment of Non-banking Finance Companies (NBFCs) digital lending apps on its approved list.
SECP Commissioner launches NBFI & Modaraba Year Book 2023
The launch ceremony, held at the Association’s office was attended by a large number of industry representatives. The Year Book indicates that despite its challenges, the NBFIs and Modaraba sector has shown significant improvement, particularly in terms of assets, profitability, dividend distribution and tax payments. The assets of the sector increased to Rs 158,404 million in FY 2023 as compared to Rs. 142,918 million in FY 2022.