The SECP has issued a concept paper exploring the revival and modernization of Waqf to align with contemporary socio-economic needs. The paper discusses the historical significance of Waqf, an essential institution in Islamic society, and its contemporary practices. Historically, Waqf has funded education, healthcare, and social welfare, supporting institutions like Al-Azhar and the Ottoman public works system. It remains an important player in the socio-economic fabric of the Muslim world,said a press release issued here Monday. Countries like Malaysia, Turkey, and Indonesia have successfully adapted Waqf to modern financial systems through regulatory frameworks, innovative governance models, and Shariah-compliant financial instruments. However, in Pakistan, Waqf remains underutilized due to outdated management practices and the lack of a robust regulatory framework. The concept paper proposes strategies to harness Waqf for Islamic social finance, including reinvigorating the Waqf institution, enabling the establishment of Waqf in corporate structures as Waqf companies, and developing Islamic instruments and financial services products for such companies. These proposals aim to improve efficiency, complete the Islamic finance ecosystem, and create social impact in Pakistan. The suggested pathway to transform Waqf into a dynamic, sustainable, and impactful institution for socio-economic development will be deliberated and discussed with key industry stakeholders before initiating the required regulatory interventions. To address concerns pertaining to jurisdiction and legal considerations, the concept paper includes proposed options such as amending provincial Waqf laws, amending the Companies Act, 2017, or amending NPO Regulations to provide for Waqf companies under the Companies Act, 2017. It is expected that the revival and modernization of Waqf will enable sustainable Islamic social finance institutions, thereby helping achieve the objective of shared prosperity by making resources available for social and welfare projects. Separately, the Securities and Exchange Commission of Pakistan (SECP) has issued a consultation paper seeking public feedback on proposed amendments to the existing regulatory framework governing the issuance of bonus and right shares. These proposed reforms are aimed at significantly reducing the time taken between the announcement of such corporate actions and the actual crediting of bonus or right shares to shareholders’ accounts. The consultation paper outlines the current regulatory provisions related to the issuance process, presenting a comparative analysis of the existing and proposed timelines for each procedural step. It identifies specific requirements within the current framework that may be contributing to undue delays. According to the SECP’s analysis, existing end-to-end process-from the board’s announcement to the credit of shares-can extend up to approximately 181 days for right issues, 85 days for interim bonus shares, and 51 days for final bonus shares. However, these timelines can be reduced by over 50%. The SECP has noted that the existing framework does not fully reflect the technological advancements and the increasing digitalization of Pakistan’s capital markets. In certain instances, the absence of specified timelines under the current regime has resulted in inordinate delays, even after a bonus or right issue has been approved by the board. Consequently, shareholders may face considerable wait times in receiving their entitlements, despite companies acting in accordance with the prescribed regulations. To address these concerns, the SECP proposes to revise the regulatory framework to streamline and expedite the issuance process by leveraging technology and enhancing operational efficiency.