The Securities and Exchange Commission of Pakistan has published a consultation paper proposing measures to promote Shariah-compliant intermediaries in the capital market, as part of its broader objective to facilitate Shariah-compliant services across regulated sectors. Key proposals include a phase-wise approach under which Shariah-compliant institutional investors would route business through Shariah-compliant brokers based on a plan approved by their boards of directors. The paper also encourages Islamic financial institutions, including providers of Islamic window services, to use Shariah-compliant intermediaries for takaful and investment purposes where they are not otherwise required to do so. Additional measures focus on improving market visibility, including a distinct category for Shariah-compliant intermediaries on the Centralized Gateway Portal and a dedicated list of Shariah-compliant asset management companies on EMLAAK Financials, alongside exploring a separate Shariah-compliant intermediary category on Islamic banks’ websites and mobile apps to facilitate Roshan Digital Account clients. Comments on the proposals are requested by 3 June 2025.

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