Evaluating the influence of Different Regulatory and Supervisory Bodies on the Business of Islamic Financial Institutions in Pakistan

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Sahibzada Muhammad Wasim Jan
Hassan Shakeel Shah
Ahmad Azam Bin Othman

Abstract

Islamic financial market in Pakistan comprises of Islamic banking, Takaful and Islamic capital market which has been regulated and supervised by State Bank of Pakistan and Securities and Exchange Commission of Pakistan.Despite the regulatory and supervisory mechanism crafted by these authorities, there are other institutions i.e., The Council of Islamic Ideology, Federal Shariat Court and international institutions such as AAOIFI and IFSB which intervene and influence this practice. Based on descriptive analytical approach, the study finds that there is an overlapping situation in the authority over the business of IFIs. Therefore, it suggests that the current regulatory arrangement needs a distinctive sole authority over the business of Islamic financial institutions in Pakistan supported with adequate legal foundation.   

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How to Cite
Jan, S. M. W., Shah, H. S., & Othman, A. A. B. (2020). Evaluating the influence of Different Regulatory and Supervisory Bodies on the Business of Islamic Financial Institutions in Pakistan . Islamic Banking and Finance Review, 7, 1-1. https://doi.org/10.32350/ibfr/2020/0700/444