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April 25, 2018

Al Hilal registered as first Shariah advisory company in Pakistan by SECP

Karachi: The Securities & Exchange Commission of Pakistan (SECP) has registered Al Hilal Shariah Advisors (pvt.) Limited as the first Shariah Advisory company in Pakistan under the Shariah Advisory Regulations 2017.  

Al Hilal Shariah Advisors (pvt.) Limited became the first Shariah Advisory company in the country registered by the Securities & Exchange Commission of Pakistan, providing Shariah Advisory services to various Islamic financial institutions including Asset Management Companies, Modaraba and other Islamic Financial Institutions. Al Hilal aims at converting the conventional interest-based economy to the Islamic financial system under the guidance of Shariah Scholars and financial experts and has been operating since 2011 but after the initiation of the regulatory requirements, it has registered to become the first Shariah advisory firm in Pakistan. Currently Al Hilal is the only Shariah Advisory Company in Pakistan.

“We are proud to have been given the honour by the SECP of being the first Shariah Advisory Company in Pakistan,” said Faraz Younus Bandukda, CFA the Chief Executive at Al Hilal. “Islamic finance is a growing phenomenon and we are happy to become recognized facilitators for every organization who wishes to or is operating as per Shariah principles. We are hopeful that more companies will now implement Shariah regulations and we will be looking forward to providing our advisory services and ensure the process is not just smooth but also profitable and sustainable.”

Al Hilal Shariah Advisors provides Shariah Advisory, Shariah audit and training services in the field of Islamic Finance, catering to Banking, Insurance, Investment Managers, Capital Markets and other Financial Institutions. Al Hilal is also active in the field of halal food certification. With a team of expert Shariah scholars and industry professionals, Al Hilal is set to become the source of guidance for business pursuing to become Shariah compliant.

Islamic finance has seen exponential growth in Pakistan with several companies now aligning their business activities as per principles of Shariah. In order to effectively regulate the shariah advisory service providers, the SECP recently introduced the Shariah Advisory Regulations and is currently working on the Shariah Governance framework. 

“It is indeed a big achievement for Al Hilal,” 

said Mufti Irshad Ahmad Aijaz, Member Shariah Supervisory Council of Al Hilal.
“It is pertinent to have organizations like Al Hilal in the Islamic finance market so we can help supervise and facilitate the understanding and growth of the concept of Shariah based business solutions within the business communities of Pakistan as well as on the global scenario. We want to facilitate companies and individuals on the Shariah principles for business. In the long run, this will lead to the development of a long-term, sustainable Islamic financial market, corporate sector and pave the way for development of fully Shariah compliant capital markets in Pakistan.”

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