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IMS Legal / Regulatory: SECP grants Intermarket Securities Limited Shariah-compliant brokerage service certificate for Islamic window | Investify

May 6, 2026, 1:17 PM

SECP grants Intermarket Securities Limited Shariah-compliant brokerage service certificate for Islamic window

Legal / Regulatory

Intermarket Securities Limited announced that the SECP has approved its proposed Shariah-compliant brokerage services model and granted the Shariah-Compliant Brokerage Service – Islamic Window Certificate, subject to specified conditions and ongoing compliance with SECP, PSX and Shariah governance requirements.

Key Findings

SECP granted Intermarket Securities Limited the Shariah-Compliant Brokerage Service – Islamic Window Certificate.
The approval covers the company's proposed Islamic window brokerage services model.
Customer bank and margin accounts must be maintained in Islamic banks or Islamic banking windows, with temporary funds transfers allowed only for settlement purposes.
Trading is restricted to securities screened and approved under the Shariah governance process.
The approval remains subject to applicable PSX, CDC, NCCPL and SECP regulations, plus future framework developments.

Disclosure Details

Entities Involved

Intermarket Securities Limited, Securities and Exchange Commission of Pakistan (SECP), Pakistan Stock Exchange (PSX), Central Depository Company (CDC), National Clearing Company of Pakistan Limited (NCCPL), Al-Hilal Shariah Advisors (Pvt.) Limited

Approvals Required

Ongoing compliance with SECP requirements, Compliance with PSX, CDC and NCCPL regulations, Adherence to Shariah Governance Regulations, 2023, Alignment with future regulatory frameworks for Islamic financial services

Impact

Enables the company to operate an Islamic window brokerage service, broadening its product offering and potentially attracting Shariah-conscious clients.

Risks

Operational restrictions on eligible securities and account placement, Regulatory compliance obligations remain ongoing, Future PSX/SECP framework changes may affect permitted activities, Non-Shariah income, if any, must be handled under Shariah advisor guidance

Original PDF

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Highlights summarize the key points from the company's official PSX filing. View the original filing for the complete details before making financial decisions.

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SECP grants Intermarket Securities Limited Shariah-compliant brokerage service certificate for Islamic window

Key Findings

Disclosure Details