SECP issues concept paper to reinvigorate Waqf endowments
The Securities and Exchange Commission of Pakistan (SECP) has released a concept paper proposing the revival and modernization of Waqf (Islamic endowment) to align it with contemporary socio-economic needs and support sustainable Islamic social finance.
Countries such as Malaysia, Turkiye, and Indonesia have successfully integrated Waqf into modern financial systems through robust regulatory frameworks, Shariah-compliant financial tools, and professionalized governance. However, Pakistan’s Waqf sector remains underdeveloped due to outdated practices and the absence of a comprehensive legal structure.
According to the SECP, the concept paper proposes strategies to harness waqf for Islamic social finance. These would include efforts to reinvigorate the waqf institution, enable the establishment of waqf in corporate structures as waqf companies, and develop Islamic instruments and financial services products for such companies.
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Muhammad Ali Bandial