SECP introduces disclosure requirements for Islamic capital market

ISLAMABAD, April 23: 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 in 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 the 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.