{"id":354312,"date":"2023-09-07T08:09:06","date_gmt":"2023-09-07T03:09:06","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=354312"},"modified":"2023-09-07T08:09:06","modified_gmt":"2023-09-07T03:09:06","slug":"secp-issues-shariah-compliance-certificate-to-a-startup","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/secp-issues-shariah-compliance-certificate-to-a-startup\/","title":{"rendered":"SECP issues Shariah Compliance Certificate to a startup"},"content":{"rendered":"<p> ISLAMABAD<br \/>\nThe Securities and Exchange Commission of Pakistan (SECP) has issued a Shariah compliance certificate to a licensed non-banking finance company (NBFC) offering Buy Now Pay Later (BNPL) services on the Shariah principle of Musawamah, whereby profit margin is included in the sale price of the commodity.<br \/>\nThe certificate has been granted to Qist Bazaar (Private) Limited under the Shariah Governance Regulations, 2018. The regulations provide an enabling regulatory framework for the certification of Shariah-compliant companies and Shariah-compliant securities.<br \/>\nQistbazaar (Private) Limited, an NBFC providing investment finance services, has engaged the services of a Shariah advisor to structure their products and services in accordance with Shariah regulations. It is expected that more players in the non-bank financial sector will choose to serve Islamic financial products and services in the country.<br \/>\nThe first Shariah compliance certificate for a BNPL platform is a significant milestone, promoting Shariah-compliant financial products and enabling new business models for tech-based entrepreneurs.<br \/>\nThe SECP, as per the constitutional requirements and its mandate, is committed to developing and promoting Islamic finance within all its regulated sectors.<br \/>\nEarlier this year, the SECP conducted a comprehensive diagnostic review of the Islamic finance market and accelerated efforts for the transformation of regulated sectors to offer Islamic financial services and products.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD The Securities and Exchange Commission of Pakistan (SECP) has issued a Shariah compliance certificate to a licensed non-banking finance company (NBFC) offering Buy Now Pay Later (BNPL) services on the Shariah principle of Musawamah, whereby profit margin is included in the sale price of the commodity. The certificate has been granted to Qist Bazaar [&hellip;]<\/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-354312","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SECP issues Shariah Compliance Certificate to a startup<\/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\/secp-issues-shariah-compliance-certificate-to-a-startup\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SECP issues Shariah Compliance Certificate to a startup\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD The Securities and Exchange Commission of Pakistan (SECP) has issued a Shariah compliance certificate to a licensed non-banking finance company (NBFC) offering Buy Now Pay Later (BNPL) services on the Shariah principle of Musawamah, whereby profit margin is included in the sale price of the commodity. 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