The Securities and Exchange Commission of Pakistan (SECP) on Friday published a concept paper aimed at enabling Shariah-compliant brokerage services in the securities market through an optimal organizational and operational model.
The concept paper presents several options available for the provision of Shariah-compliant brokerage services, including the opening of an Islamic brokerage subsidiary having the license of either a trading-only/online-only or trading and self-clearing category; or through the establishment of a dedicated Islamic window, said a news release.
A critical analysis of the available options and a summary of international best practices have also been included. The SECP released guidelines last year for conventional financial institutions to offer Shariah-compliant services.
A separate set of guidelines was issued enabling the general public to invest in PSX while adhering to Shariah principles. The SECP is dedicated to fostering Islamic capital markets for sustainable market growth, long-term economic investment, and financial inclusion, the press release added. The paper invites the stakeholders to submit their feedback on the available options for offering Islamic brokerage services.
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