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In order to promote the Islamic capital market and facilitate review of the Pakistan Stock Exchange (PSX)'s All Shares Islamic Index (ASII), the Securities and Exchange Commission of Pakistan (SECP) has issued Circular No 14 of 2016. The circular is available on the SECP's website www.secp.gov.pk.
The circular requires listed companies to disclose their annual and half-yearly accounts, certain specific information in terms of Shariah compliance or otherwise to facilitate the PSX in fairly maintaining its newly developed ASII. The disclosures to be made under the circular include disclosure of loans, advances, deposits, revenue, profits, gains, income, losses, bank balances etc separately based on Shariah-compliant mode and conventional mode.
The ASII has been developed to use it as a benchmark to measure the price performance of investments in Shariah-compliant shares. It comprises all listed companies that are Shariah-compliant as per the Shariah and technical screening criteria of PSX. At present, 238 listed companies are included in the said index. The PSX will review the index on a semi-annual basis.
Earlier, Finance Minister Ishaq Dar had constituted a steering committee for development of Islamic banking and finance. The committee comprised senior officers from the State Bank, SECP, capital market and banking sector's experts, Shariah scholars and businessmen. In order to facilitate and encourage investors and fund managers looking for Shariah-compliant investment avenues, the committee recommended development of the ASII. The index was launched by the honorable Finance Minister on November 19, 2015. This SECP's initiative is another step towards the development of Islamic capital market. It is expected that the disclosures shall facilitate the PSX in periodical review of the ASII.-PR

Copyright Business Recorder, 2016

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