SEC seeks Shariah scholars to strengthen Islamic capital market oversight

The Securities and Exchange Commission of Sri Lanka (SEC) this week called for applications from qualified Shariah scholars to join its panel of accredited experts, as the regulator moves to strengthen oversight and support the growth of Sri Lanka’s Islamic capital market.

The initiative forms part of a regulatory framework established under the SEC Act No. 19 of 2021, which recognises Shariah scholars as “Supplementary Service Providers” authorised to certify the Shariah compliance of Islamic capital market products prior to their publication or listing.

Recognising the specialised nature of Islamic finance and the need for independent Shariah oversight, the regulator said the accreditation framework enables qualified scholars to provide certification on whether financial instruments comply with Islamic principles.

The SEC said the move aims to strengthen professional standards and enhance confidence in Islamic capital market products as Sri Lanka seeks to broaden its financial services ecosystem and attract investors seeking Shariah-compliant investment opportunities.

The SEC completed its first round of accreditation in 2024 following a comprehensive evaluation process, including in-person interviews, selecting six professionals who met the criteria set out in the guidelines applicable to accredited Shariah scholars. With a view to expanding the pool of expertise and attracting both local and international scholars, the SEC has since revised the guidelines governing the accreditation process. Under the revised framework, eligible scholars with qualifications and experience in Islamic finance and Shariah compliance are invited to submit applications along with a curriculum vitae detailing academic and professional credentials, as well as a signed affidavit in the format specified on the SEC website.

Applications must be submitted electronically to the SEC, with the deadline set for 4 pm on 31 March 2026. Shortlisted candidates will be invited for a preliminary interview as part of the selection process.