SECP approves Al-Hilal to conduct Shariah screening

The Securities and Exchange Commission of Pakistan (SECP) has approved Al-Hilal Shariah Advisors (Pvt) Limited to independently conduct Shariah screening of securities. It is the first entity other than the Pakistan Stock Exchange (PSX) and its partners to receive such approval, opening the door for greater competition in Shariah-compliant investment services. Under the Shariah Governance Regulations, 2023, any person other than an issuer who publicly declares securities as Shariah-compliant is required to develop a Shariah screening process approved by SECP. The approval granted to Al-Hilal Shariah Advisors provides a structured regulatory pathway for alternative Shariah screening arrangements.