{"id":330901,"date":"2023-05-13T08:14:43","date_gmt":"2023-05-13T03:14:43","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=330901"},"modified":"2023-05-13T08:14:43","modified_gmt":"2023-05-13T03:14:43","slug":"sibl-applies-to-secp-for-conversion-into-a-shariah-compliant-entity","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/sibl-applies-to-secp-for-conversion-into-a-shariah-compliant-entity\/","title":{"rendered":"SIBL applies to SECP for conversion into a Shariah Compliant Entity"},"content":{"rendered":"

ISLAMABAD
\nAfter the announcement of the Federal Shariat Court Judgement last year, the Securities and Exchange Commission of Pakistan (SECP) has issued comprehensive Guidelines for Offering Islamic Financial Services, 2023, paving way for transformation of a regulated person\/entity into full-fledged Islamic institution. Subsequent to issuance of these guidelines, Security Investment Bank Limited (SIBL) has applied for conversion into a Shariah-compliant investment bank.
\nSIBL 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. <\/p>\n

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.
\nIn view of the growing demand for Shariah compliant financial services, and in light of constitutional requirement to eliminate the Riba from the economy, SECP is geared towards facilitating its regulated entities desirous of converting to Shariah compliant status.<\/p>\n","protected":false},"excerpt":{"rendered":"

ISLAMABAD After the announcement of the Federal Shariat Court Judgement last year, the Securities and Exchange Commission of Pakistan (SECP) has issued comprehensive Guidelines for Offering Islamic Financial Services, 2023, paving way for transformation of a regulated person\/entity into full-fledged Islamic institution. Subsequent to issuance of these guidelines, Security Investment Bank Limited (SIBL) has applied […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-330901","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\nSIBL applies to SECP for conversion into a Shariah Compliant Entity<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/sibl-applies-to-secp-for-conversion-into-a-shariah-compliant-entity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SIBL applies to SECP for conversion into a Shariah Compliant Entity\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD After the announcement of the Federal Shariat Court Judgement last year, the Securities and Exchange Commission of Pakistan (SECP) has issued comprehensive Guidelines for Offering Islamic Financial Services, 2023, paving way for transformation of a regulated person\/entity into full-fledged Islamic institution. Subsequent to issuance of these guidelines, Security Investment Bank Limited (SIBL) has applied […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/leadpakistan.com.pk\/news\/sibl-applies-to-secp-for-conversion-into-a-shariah-compliant-entity\/\" \/>\n<meta property=\"og:site_name\" content=\"Daily Lead Pakistan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DailyLeadPak\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-13T03:14:43+00:00\" \/>\n<meta name=\"author\" content=\"Web Desk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@DailyLeadPak\" \/>\n<meta name=\"twitter:site\" content=\"@DailyLeadPak\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Web Desk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script 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