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