ECONOMYNEXT – Sri Lanka’s Securities and Exchange Commission said it had approved six scholars to certify Islamic Financial Products that are to be public listed.
These accredited Shariah scholars are authorized to certify the Shariah compliance of Islamic Capital Market Products intended for listing on the Colombo Stock Exchange (CSE) in accordance with the Listing Rules.
“The SEC considers this as an essential step in view of products that require Shariah compatibility and to satisfy the needs of Islamic investors,” Deputy Director General Tushara Jayaratne said in a statement.
The scholars are:
Ibrahim Saad Yousif Abd Elaziz (based in United Arab Emirates)
Shafique Ahmed Jakhura (based in South Africa)
Muhammad Murshid Merza Mulaffar (based in Sri Lanka)
Aishath Muneeza (based in Malaysia)
Mohammed Siraj Najubudeen (based in Saudi Arabia)
Suleiman Dalhatu Sani (based in Saudi Arabia)
There is a growing demand for Shariah-compliant debt securities such as Sukuk, both domestically and internationally, the SEC said.
Issuers of Islamic capital market products seeking a listing on the CSE are required to obtain a Shariah-compliance certification from any three of the Accredited Shariah Scholars. (Colombo/May9/2024)