The Securities and Exchange Commission of Pakistan has published a concept paper on reviving and modernising Waqf in Pakistan to better meet contemporary socio-economic needs, including exploring a regulatory pathway to support Waqf as part of Islamic social finance. The paper argues Waqf is underutilised in Pakistan due to outdated management practices and the absence of a robust regulatory framework, despite successful modernisation approaches in other jurisdictions. Proposed measures include enabling Waqf to be established in corporate structures through “Waqf companies” and developing Shariah-compliant instruments and financial services products for such entities. It also sets out options to address jurisdiction and legal considerations, including amendments to provincial Waqf laws, the Companies Act, 2017, or non-profit organisation regulations to provide for Waqf companies under the Companies Act, 2017. The proposed approach is to be deliberated with key industry stakeholders ahead of any regulatory interventions, and feedback on the concept paper is invited by May 4, 2025.
Securites & Exchange Commission of Pakistan 2025-04-07
Securities and Exchange Commission of Pakistan consults on modernising Waqf and creating Waqf companies
The Securities and Exchange Commission of Pakistan has released a concept paper on modernising Waqf to align with contemporary socio-economic needs, proposing the establishment of "Waqf companies" and Shariah-compliant financial products. The paper highlights the need for a robust regulatory framework and suggests amendments to provincial Waqf laws and the Companies Act, 2017. Stakeholder consultation is planned before any regulatory actions.