ISLAMABAD, May 19 (APP):The Securities and Exchange Commission of Pakistan (SECP) has issued a consultation paper proposing measures to promote Shariah-compliant intermediaries in the capital market. The paper is in line with the broader objective of SECP to facilitate the provision of Shariah-compliant services within its regulated sectors, said a press release issued here on Monday. The paper proposes a phase-wise approach for Shariah-compliant institutional investors to route their business …
SECP issues Consultation paper on promoting Shariah-Compliant intermediaries
ISLAMABAD, May 19 (APP):The Securities and Exchange Commission of Pakistan (SECP) has issued a consultation paper proposing measures to promote Shariah-compliant intermediaries in the capital market.
The paper is in line with the broader objective of SECP to facilitate the provision of Shariah-compliant services within its regulated sectors, said a press release issued here on Monday.
The paper proposes a phase-wise approach for Shariah-compliant institutional investors to route their business through Shariah-compliant brokers based on a plan to be prepared by their respective boards of directors.
In addition, the paper encourages Islamic financial institutions, including providers of Islamic window services, to utilize Shariah-compliant intermediaries for takaful and investment purposes in situations where they are not obligated to
do so.
Other proposed measures include creating a specific category for Shariah-compliant intermediaries for greater visibility on the Centralized Gateway Portal and a dedicated list of Shariah-compliant asset management companies on EMLAAK Financials.
In order to facilitate Roshan Digital Account (RDA) clients, creating a separate category of Shariah-compliant intermediaries on the websites and mobile apps of Islamic banks may also be explored in coordination with relevant stakeholders.
Feedback on the proposals can be submitted via email to [email protected] by 3rd June 2025. The consultation paper can be accessed from the website of SECP.
