ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has granted a licence to ZLK Islamic Financial Services (Pvt) Ltd, making it the country’s first fully Sharia-compliant brokerage house.

The licence was issued after the recent amendments in the Securities Brokers (Licensing and Operations) Regulations, 2016, to facilitate Sharia-compliant brokerage services for Pakistan’s securities market.

The new regulations are aimed at providing brokerage houses intending to offer Sharia-compliant brokerage services with various options, including establishing separate subsidiaries, offering these services through window operations, or converting to a fully Sharia-compliant brokerage house.

Such securities brokers shall obtain a certificate of Sharia-compliant company in compliance with the Sharia Governance Regulations, 2023, and adhere to the Guidelines for Offering Islamic Financial Services issued by the SECP.

Published in Dawn, April 10th, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Debt trap
Updated 30 May, 2024

Debt trap

The task before the government is to boost its tax-to-GDP ratio to the global average by taxing the economy’s untaxed and undertaxed sectors.
Foregone times
30 May, 2024

Foregone times

THE past, as they say, is a foreign country. It seems that the PML-N’s leadership has chosen to live there. Nawaz...
Margalla fires
30 May, 2024

Margalla fires

THE Margalla Hills — the sprawling 12,605-hectare national park — were once again engulfed in flames, with 15...
First steps
Updated 29 May, 2024

First steps

One hopes that this small change will pave the way for bigger things.
Rafah inferno
29 May, 2024

Rafah inferno

THE level of barbarity witnessed in Sunday’s Israeli air strike targeting a refugee camp in Rafah is shocking even...
On a whim
29 May, 2024

On a whim

THE sudden declaration of May 28 as a public holiday to observe Youm-i-Takbeer — the anniversary of Pakistan’s...