The Securities and Exchange Commission of Pakistan (SECP) has approved five securities brokers to offer Islamic brokerage windows.
Through the Islamic brokerage windows, including Insight Securities (Pvt) Ltd, Optimus Capital Management (Pvt) Ltd, Value Stocks & Commodities (Pvt) Ltd, Intermarket Securities Ltd and Darson Securities (Pvt) Ltd, investors will be able to invest directly in Sharia-compliant shares, sukuk and Islamic ETFs, the regulator said in a statement on Monday.
SECP was of the view that the Islamic brokerage windows will facilitate halal investments. It added that funds of investors opening accounts in Islamic brokerage windows will be used only for Sharia-compliant investments
“Separate Islamic bank accounts and trading systems will be used for Islamic windows,” said SECP, adding that only Sharia-compliant companies will be traded through Islamic brokerage windows.
The regulator shared that the government is taking continuous reforms to promote the Islamic financial system.
Days ago, SECP implemented major enhancements to its Electronic Mortgage Register (EMR). The changes were designed to support secured lending, improve access to credit and promote a more efficient regulatory environment for businesses and financial institutions in Pakistan.