BankIslami signs Shariah screening deal

June 18, 2026 (MLN): BankIslami Pakistan Limited has signed a Technical Services Agreement with Al-Hilal Shariah Advisors to enhance Shariah-compliant equity screening and monitoring services for listed companies at the Pakistan Stock Exchange (PSX).

Under the agreement, Al-Hilal Shariah Advisors will provide specialized technical support and data analytics services to screen and monitor listed equities against Shariah screening criteria approved by BankIslami’s Shariah Board.

The collaboration aims to facilitate the timely identification of companies moving towards Shariah compliance while strengthening governance standards and transparency through data-driven insights.

The agreement was formalized during a signing ceremony held at BankIslami’s head office in Karachi, according to the press release.

The event was attended by BankIslami Deputy Chief Executive Officer Imran H. Shaikh, Al-Hilal Shariah Advisors Chief Executive Officer Faraz Younus Bandukda, and senior representatives from both organizations.

Speaking on the occasion, BankIslami President and CEO Rizwan Ata said the partnership reflects the bank’s commitment to improving operational efficiency and cost-effectiveness by leveraging specialized technical expertise.

He added that the collaboration underscores the growing importance of data-driven solutions in supporting the development of Shariah-compliant capital market activities in Pakistan.

The bank said the agreement aligns with its broader objective of strengthening Shariah governance frameworks through reliable and up-to-date compliance monitoring mechanisms, while contributing to the growth of Pakistan’s Islamic finance and capital markets ecosystem.

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