SIBL applies to SECP for conversion into a Shariah Compliant Entity

May 12, 2023 (MLN): Security Investment Bank Limited (SIBL) has applied for conversion into a Shariah Compliant investment bank.

The bank applied for the conversion right after the announcement of the Federal Shariat Court Judgement last year, the Securities and Exchange Commission of Pakistan (SECP) issuance of comprehensive Guidelines for Offering Islamic Financial Services, 2023.

SIBL is a public limited company listed on the Pakistan Stock Exchange and licensed to carry out investment finance services as a non-banking finance company (NBFC) under the Companies Act, 2017.  

SIBL has made a public disclosure at the PSX and applied to the SECP for a certificate as a Shariah-compliant company under Section 451 of the Companies Act, 2017, read with the Shariah Governance Regulations, 2018.

This conversion will be a multi-stage process, and SECP will ensure a smooth transition with minimal disruption to the customers of SIBL.

In view of the growing demand for Shariah-compliant financial services, and in light of the constitutional requirements to eliminate the Riba from the economy, SECP is geared towards facilitating its regulated entities desirous of converting to Shariah-compliant status.

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