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The commission on Friday notified three Shariah standards including No. As a step further towards harmonisation and standardisation in the business practices of Islamic financial institutions, the SECP has been adopting the accounting and Sharia standards from time to time. For effective regulation and governance of the Islamic financial sector, the SECP has been working in close collaboration with the leading global standard-setting bodies in Islamic finance. The standard does not cover shares of joint stock companies, certificates of funds and investment portfolios.