October 13, 2020 (MLN): Foundation Securities launched Shariah Compliant Stock Investment Shariah Edge; first-ever shariah-compliant trading platform in Pakistan.
It is an exclusive product for Shariah-compliant stocks of the KMI ALL PSX index. This new platform will allow many people to take part in the stock market who were reluctant due to the non-availability of shariah-compliant platforms.
Some of the trading features of the new Shariah-compliant platform includes:
investment only in stocks in the KMI-All Share index
100% cash basis (no leverage or loan)
trade on Ready counter only
selling allowed after settlement in 2 days after the transaction
restriction on Day-trade
restriction on the sale of Letter of Rights
trade Shariah-based Exchange Traded Fund Meezan Pakistan ETF
Investing through the Shariah Edge platform is a simple procedure- investors need to open a Shariah-compliant by filling and submitting Client Relationship and Know Your Customer (KYC) forms along with relevant documents and Biometric verification.
