Karachi, June 2026 – Dawood Equities Limited (DEL), a Pakistan Stock Exchange (PSX) brokerage firm, has announced the establishment of its Islamic Brokerage Window after receiving a formal Shariah opinion (Fatwa) from Al Hilal Shariah Advisors (Pvt.) Limited.
The approval marks a significant milestone in DEL’s commitment to offering investors a fully Shariah-compliant trading environment aligned with Islamic financial principles and regulatory requirements. The company has also applied to the relevant regulator for the necessary approvals to commence operations under the Islamic Brokerage Window framework.
According to the Shariah opinion issued by Al Hilal Shariah Advisors, Dawood Equities has implemented a comprehensive operational model designed to ensure strict adherence to Islamic finance principles. The Islamic Brokerage Window will exclusively facilitate trading in Shariah-compliant securities approved through established screening criteria and regulatory guidelines.
The framework prohibits transactions involving derivatives, futures, options, margin financing, interest-based lending, short selling, and investments in non-compliant business sectors. Clients utilizing the Islamic Brokerage Window will have access to dedicated systems, disclosures, and controls designed to maintain compliance with Shariah requirements.
To safeguard client funds, all Islamic Brokerage Window accounts will be maintained with Islamic banks or approved Islamic banking windows. The company has also established segregation measures to ensure a clear separation between Islamic and conventional brokerage operations, including dedicated systems, processes, records, and controls.
Al Hilal Shariah Advisors conducted a detailed review of DEL’s business model, governance structure, trading systems, settlement processes, client documentation, and compliance framework. The review concluded that the company has established appropriate mechanisms to restrict trading to Shariah-compliant securities and prevent prohibited activities.
The Shariah Advisor further confirmed that DEL has implemented procedures for dividend purification, charity distribution of non-compliant income where applicable, and ongoing Shariah monitoring. The arrangement also includes annual Shariah audits, quarterly reviews, and regular reporting to ensure continued compliance.
In its opinion, Al Hilal Shariah Advisors stated that the Islamic Brokerage Window of Dawood Equities Limited complies with Islamic financial principles and applicable Shariah guidelines. The advisor granted DEL the status of a Shariah-compliant brokerage house with respect to its Islamic Brokerage Window, subject to ongoing monitoring and adherence to approved standards.
The initiative reflects the growing demand for Islamic capital market services in Pakistan and supports broader efforts to expand Shariah-compliant investment opportunities for retail and institutional investors.
With the launch of its Islamic Brokerage Window, Dawood Equities aims to provide investors with a transparent, ethical, and faith-based investment platform while maintaining the highest standards of regulatory and Shariah compliance.
