SECP Issues Consultation Paper On Promoting Shariah-Compliant Intermediaries

Fahad Shabbir (@FahadShabbir) Published May 19, 2025 | 07:40 PM

ISLAMABAD, (UrduPoint / Pakistan Point News - 19th May, 2025) 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.