Section 451

Certification of Shariah compliant companies and Shariah compliant securities.—(1) No company shall claim that it is a Shariah compliant company unless it has been declared Shariah compliant in such form and manner as may be specified.

(2) No person shall claim that a security, whether listed or not, is Shariah compliant unless it has been declared Shariah compliant in such form and manner as may be specified.

(3) For the purposes of sub-section (1) and (2), no company shall appoint or engage any person for Shariah compliance, Shariah advisory, or Shariah audit unless that person meets the fit and proper criteria and fulfills such terms and conditions as may be specified:

Provided that the person already appointed or engaged by a company for the purpose of sub-section 3 shall have 180 days to meet the fit and proper criteria and fulfill such terms and conditions as may be specified.

(4) Every person who is responsible for contravention of this section shall without prejudice to other liabilities be liable to a penalty not exceeding level 3 on the standard scale.

(5) Nothing in sub-section (1) and (3) shall apply to a banking company or any other company which is required to follow the Shariah governance framework prescribed by the State Bank of Pakistan.

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