June 30, 2026(MLN): The Securities and Exchange Commission of Pakistan has granted Dawood Equities Limited (PSX: DEL) the Shariah-Compliant Brokerage Service Islamic Window Certificate.
The Company had duly complied with all applicable regulatory and Shariah governance requirements, including the appointment of Shariah Advisor, Al-Hilal Shariah Advisors (Pvt.) Limited, whose Shariah Opinion formed part of the application and approval process with the Commission.
The Commission has approved the proposed Shariah-compliant brokerage services model through an Islamic window of Dawood Equities Limited, subject to certain conditions.
All customer bank accounts and margin accounts maintained with the National Clearing Company of Pakistan Limited shall be held with Islamic banks or Islamic banking windows of conventional banks.
Though for settlement purposes, funds may be temporarily transferred to designated settlement accounts, with any income arising from Riba-based elements to be treated in accordance with the guidance of the respective Shariah Advisor.
Trading activities shall be restricted to securities that have been screened and approved by persons duly authorized in accordance with the prescribed process.
Nothing contained in the approved model shall supersede or override the applicable regulations of the Pakistan Stock Exchange, Central Depository Company, National Clearing Company of Pakistan Limited, or the Securities and Exchange Commission of Pakistan.
In case of any Shariah-related concerns, the relevant institutions shall be engaged to seek appropriate regulatory alignment, with full compliance to existing regulatory requirements ensured until such alignment is achieved.
The approved Shariah-compliant brokerage services model shall also remain subject to further regulatory developments and frameworks to be introduced by the Pakistan Stock Exchange and the Commission, including areas such as intra-day trading and futures trading.
Dawood Equities Limited is expected to ensure full compliance with the Guidelines for offering Islamic financial services.
The aforementioned information was disseminated through a to Exchange.