Dawood Equities secures SECP certificate for Shariah-compliant brokerage window

Dawood Equities Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) to offer Shariah-compliant brokerage services through an Islamic Window, according to a notice submitted to the Pakistan Stock Exchange (PSX) on Tuesday.

The company informed the exchange that the SECP has granted it the Shariah-Compliant Brokerage Service — Islamic Window Certificate under the applicable regulatory requirements.

Dawood Equities Limited said it had completed all relevant regulatory and Shariah governance requirements for the approval.

As part of the process, the company appointed Al-Hilal Shariah Advisors (Pvt.) Limited as its Shariah Advisor in line with the relevant regulatory framework.

The Shariah Advisor also issued a Shariah Opinion, which formed part of the company’s application and approval process with the SECP.

The certificate allows Dawood Equities Limited to operate a Shariah-compliant brokerage service through an Islamic Window, enabling the company to offer brokerage services structured in accordance with Shariah principles.

The company requested the Pakistan Stock Exchange to disseminate the information to all concerned.

Dawood Equities Limited was incorporated in Pakistan as an unquoted public limited company on May 3, 2006, under the Companies Act 2017. The company's principal business is trading and brokerage of listed equities, underwriting and other investments.