Karachi: Dawood Equities Limited (DEL), a registered broker under the Securities and Exchange Commission of Pakistan, has taken a significant step by establishing an Islamic Brokerage Window, as detailed in a report dated June 4, 2026. The initiative has been supported with a Shariah opinion provided by Al Hilal Shariah Advisors (Pvt.) Limited, a firm engaged to guide and ensure compliance with Shariah principles throughout the setup process.
The establishment of the Islamic Brokerage Window by DEL is carried out in accordance with Section 96 and 131 of the Securities Act, 2015, and Clause 5.6.1(a) of PSX Regulations. DEL has applied for necessary regulatory approval based on the opinion issued by Al Hilal Shariah Advisors, which will also oversee the implementation process and provide ongoing oversight to ensure compliance.
Dawood Equities Limited, incorporated on May 3, 2006, as a public limited company, commenced operations on October 3, 2006. The company is a licensed TRE Certificate Holder of the Pakistan Stock Exchange Limited, operating within the designated market category.
According to information available from the Pakistan Stock Exchange (PSX), the Islamic Brokerage Window will operate under a business model developed by Al Hilal Shariah Advisors. This model includes strict guidelines ensuring that all transactions are limited to Shariah compliant securities, with no involvement in derivatives, futures, or options unless express approval for Shariah compliant alternatives is granted.
DEL has committed to maintaining strict segregation between its Islamic brokerage activities and conventional operations. The company will facilitate clients with necessary mechanisms and controls to conduct transactions in a Shariah compliant manner, ensuring that all client funds are maintained with Islamic banks or Islamic Banking Windows of commercial banks.
As part of its commitment to Shariah compliance, DEL will also ensure that proprietary funds related to the Islamic Brokerage Window are invested exclusively in Shariah compliant investments approved by the Shariah Advisor. Additionally, any non-compliant earnings will be directed to charity as per the company's Charity Policy.
This move marks a notable development within Pakistan's financial sector, reflecting a broader trend towards Shariah compliant financial services.