PSX rolls out Shariah-Compliant Trading Counter

October 30, 2026 (MLN): Pakistan Stock Exchange (PSX) has launched its Shariah-Compliant Trading Counter following the approval of the Shariah Trading Counter Regulations by the Securities and Exchange Commission of Pakistan (SECP), giving retail and institutional investors a dedicated end-to-end ecosystem for Islamic investing.

The launch was marked with a gong ceremony attended by representatives of the SECP, State Bank of Pakistan (SBP), Central Depository Company (CDC), National Clearing Company of Pakistan Limited (NCCPL) and Pakistan Stock Brokers Association (PSBA), along with Shariah scholars and participating brokerage houses, according to a press release issued.

Thirty-nine brokers have been onboarded to offer Shariah-compliant trading through Islamic windows, while two more brokerage houses are licensed as full-fledged Shariah-compliant brokers.

The counter operates under procedures and regulations set by the exchange and approved by the SECP. Trading is limited to Shariah-compliant equities, Government Ijarah Sukuk and Corporate Sukuk, with non-compliant securities barred.

Interest-based leverage products such as Margin Trading System (MTS) are blocked, with Murabaha Share Financing (MSF) offered as the Shariah-compliant alternative. Short selling and derivatives trading are also not permitted, and investors can divest non-compliant holdings to purify their portfolios.

A new Shariah Portal on the PSX Data Portal lists every Shariah-eligible stock and Sukuk. Investors can open accounts, including Sahulat Accounts, through a Shariah-compliant Customer Relationship and Risk Disclosure Document.

PSX Managing Director and CEO Farrukh H. Sabzwari said the dedicated trading environment, backed by system-based compliance controls, would raise investor confidence, widen access to Islamic investment opportunities and strengthen the country’s Islamic capital market ecosystem.

He noted that investor accounts have crossed 650,000, with Millennials and Gen Z driving much of the new participation, and said the platform is expected to draw more investors from Pakistan’s predominantly Muslim population.

SECP Commissioner Imtiaz Haider said a significant share of listed equities and mutual fund assets is already Shariah-compliant, so the initiative would broaden market participation, create new opportunities for investors and the brokerage industry, and reinforce confidence in Shariah-compliant options.

SECP Head of Islamic Finance Dr Tariq Naseem outlined the next steps, which include expanding digital retail Sukuk, introducing Shariah-compliant tools for liquidity and risk management, and strengthening the legislative framework for Islamic financial services.

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