PAKISTAN: The Securities and Exchange Commission of Pakistan (SECP) has finalized new risk management guidelines for Modarabas (known as Mudarabah in IFN pages) in Pakistan, with the aim of introducing the new guidelines later this year. The guidelines, which will be circulated soon for implementation, will broadly cover risks associated with Mudarabah, Musharakah, Murabahah, Salam and Istisnah contracts as well as risk associated with Shariah non-compliance, reported Reuters.