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The SECP has asked its licensed institutions to help grow Shariah‑compliant financial services. The drive aligns with the constitutional aim to gradually eliminate Riba from finance. Under the new rules, Shariah‑compliant investors—including takaful operators, modaraba firms, NBFCs, pension and investment schemes—must route trading through Shariah‑compliant brokers.
In the first phase, internal policies must be created by December 31, 2025. Starting March 31, 2026, entities must report their progress quarterly. By June 30, 2026, each must include at least one Shariah‑compliant broker in their approved panel. In phase two, from July 1, 2026, to June 30, 2027, at least 20 percent of trades must go through such brokers.
The Pakistan Stock Exchange – PSX has been urged to develop a Shariah‑compliant trading mechanism and raise public awareness. It should coordinate with TRE certificate holders to offer Shariah‑compliant brokerage via conversion, subsidiaries, or window operations. Firms are also encouraged to switch to takaful insurance and Shariah‑compliant asset management.
The Central Depository Company of Pakistan Limited, together with the State Bank of Pakistan, will highlight Shariah‑compliant intermediaries on platforms like Asaan Connect and Emlaak Financials. This will make Shariah‑compliant services easier to find for investors.
Read more: SECP Proposes Framework to Regulate Algorithmic Trading
