Karachi: In a significant development within Pakistan’s financial sector, Intermarket Securities Limited has been granted the Shariah-Compliant Brokerage Service – Islamic Window Certificate by the Securities and Exchange Commission of Pakistan (SECP). The announcement, dated May 6, 2026, marks a notable step for the brokerage firm in aligning with Islamic financial principles.

Intermarket Securities Limited has adhered to all necessary regulatory and Shariah governance protocols, including the appointment of Al-Hilal Shariah Advisors (Pvt.) Limited as its Shariah Advisor. The advisor’s opinion was integral to the application and approval process with the SECP. According to information available from the Pakistan Stock Exchange (PSX), the approval is contingent upon several conditions that ensure compliance with Islamic financial tenets.

Under the approved model, all customer and margin accounts will be maintained with Islamic banks or the Islamic banking windows of conventional banks, with temporary allowances for settlement purposes. Any income derived from Riba-based activities will be managed in accordance with guidance from the Shariah Advisor. The trading activities are confined to securities approved by authorized persons as per the Shariah Governance Regulation, 2023.

The initiative does not override existing regulations by the Pakistan Stock Exchange, Central Depository Company, NCCPL, or the SECP. In instances of Shariah-related concerns, collaboration with relevant institutions is mandated to achieve regulatory alignment, ensuring full compliance with existing requirements until such alignment is realized. The model is also subject to future regulatory developments by the PSX and SECP, including areas like intra-day and futures trading.

This move is set to reshape the designated market category by providing an alternative that adheres to Islamic financial principles, reflecting the growing demand for Shariah-compliant financial services in the region.