The Securities and Exchange Commission of Pakistan (SECP) has issued Shariah compliance and audit mechanisms for Modarabas.
The NBFI and Modaraba Association of Pakistan on Tuesday said that around the world, Modaraba is used as an Islamic financial instrument but Pakistan has the unique privilege of having provided a statutory framework and elaborate regulatory regime for Modarabas to operate as corporate entities rather than remaining only a transactional concept………………………………………..Full Article: Source