Islamabad (Turkey News): The Securities and Exchange Commission of Pakistan (SECP) has granted Al Hilal Shariah Advisors permission to conduct screening of the Shariah-compliant index. This allows the firm, in addition to the stock exchange, to evaluate companies for Shariah compliance.
According to SECP, the increase in Shariah screening providers will foster competition in the market and further promote Shariah-compliant investment opportunities. The SECP also stated that the list of Shariah-compliant companies will be updated every three months, with compliance assessed based on the companies’ financial data.
Currently, there are 308 Shariah-compliant companies in the stock market, and investment in the Shariah-compliant index is on the rise. The establishment of new Islamic indices is expected to further boost Shariah-compliant investment.
