KARACHI: The Securities & Exchange Commission of Pakistan (SECP) on Wednesday stated that the Sharia Compliant Brokerage Segment has been established for investment in the stock market.
“Services have been initiated with sharia compliant Islamic windows in 33 brokerage houses,” SECP said.
Investors funds in Islamic Brokerage Windows will be used through the Islamic banking, SECP said.
The investment by Islamic brokerage will only be restricted to Sharia compliant securities, SECP said.
The Islamic brokers could not be liable for the interest financing or the non-Sharia compliant leverage financing, SECP clarified.
Securities and exchange commission said that among 535 listed securities of Pakistan Stock Exchange 308 have been Sharia-compliant.
Chairman SECP Dr. Kabir Ahmed Sidhu has said that promotion of the Sharia compliant brokerage has been a key step towards the interest free economy.