Pakistan's capital markets regulator approves independent Shariah screening
The Securities and Exchange Commission of Pakistan (SECP) has approved the country’s first independent Shariah screening mechanism for securities listed on the Pakistan Stock Exchange, allowing a private firm to conduct compliance assessments for investors and market participants.
The approval has been granted to Al-Hilal Shariah Advisors Pvt Limited, enabling the company to independently screen listed securities and publish Shariah-compliant lists based on its approved methodology.
According to SECP, the move introduces an alternative regulatory pathway under the Shariah Governance Regulations 2023. It is intended to broaden participation in Shariah-compliant investment services while encouraging competition in the Islamic capital markets segment.
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Muhammad Ali Bandial