Qist Bazaar granted Shariah Compliant status by SECP

September 6, 2023

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The Securities and Exchange Commission of Pakistan (SECP) has granted Shariah compliant status to Qist Bazaar based on the Shariah principle of Musawamah, which incorporates a profit margin into the sale price of the commodity. This announcement was made in a press release issued today.

Qist Bazaar (Private) Limited has been granted this certificate in accordance with the Shariah Governance Regulations of 2018. These regulations establish a supportive regulatory framework for certifying Shariah-compliant companies and securities.

Qist Bazaar (Private) Limited, an NBFC specializing in investment finance services, has enlisted the expertise of a Shariah advisor to ensure that its products and services align with Shariah regulations.

This development is expected to encourage more participants in the non-banking financial sector to offer Islamic financial products and services in the country.

This milestone, marking the first Shariah compliance certificate for a BNPL platform, plays a significant role in promoting Shariah-compliant financial products and facilitating innovative business models for technology-driven entrepreneurs.

The SECP, as part of its constitutional obligations and mission, is dedicated to fostering and advancing Islamic finance across all sectors under its regulation.

Earlier this year, the SECP conducted a comprehensive review of the Islamic finance market and expedited efforts to transform regulated sectors to provide Islamic financial services and products.”