The ultimate objective of IFD is to create a standardized and harmonized regulatory and supervisory framework, for a vibrant Islamic primary and secondary capital market. In pursuit of this objective, IFD proposes to adopt a maximum number of Shariah accounting, auditing, governance and ethics standards, especially those issued by the Accounting and Auditing Organization for Islamic Financial Institutions. As a member of the Islamic Financial Services Board, the SECP is aiming to reach the highest level of standards in order to be at par with the international regulators for ensuring effective and efficient regulation of the Islamic capital market in Pakistan.