SECP issues Shariah Compliance Certificate to a startup
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 (Private)…
Adil Aziz
SECP holds a roundtable on strategic direction of insurance sector of Pakistan
The Security and Exchange Commission of Pakistan (SECP) organized a roundtable to firm up the strategic direction of the Insurance Sector of Pakistan with the chairpersons of the boards and chief executive officers (CEOs) of all insurance companies. The session was titled “Journey to an insured Pakistan”, said a press release issued. The roundtable was…
SECP issues first ever Shariah Compliance Certificates to 2 REITs
The Securities and Exchange Commission of Pakistan (SECP) has issued the first-ever certificate of Shariah compliance to two Estate Investment Trusts (REITs), namely Signature Residency REIT and Rahat Residency REIT. Earlier this year, in pursuance of Pakistan’s Federal Shariah Court (FSC) judgement, where in the FSC directed the government to facilitate all lending activity under…
SECP Strikes Down Illegal Personal Loan Applications
In order to safeguard the public from falling into debt traps of illegal loan apps, the Securities and Exchange Commission of Pakistan (SECP), in coordination with Google, Apple and the PTA, has ensured removal of 120 illegal Loan apps that were previously available at Google and Apple Stores. The phenomenon of illegal personal Loan Apps…
SECP registers 2,220 companies in July
The Securities and Exchange Commission of Pakistan (SECP) registered 2,220 new companies in July 2023, a 25% increase from the previous year. The total capitalization for these companies was Rs. 3.3 billion. The total number of registered companies in the country rose to 197,828 About 57% of Pakistan’s companies are private limited companies, 41% are…
SECP releases Promoter Guides in Balochi, Pushto, Sindhi Languages
The Securities and Exchange Commission (SECP) has taken a significant step to empower potential entrepreneurs, particularly youths from diverse regions, by providing them with an understanding of the process for registering their businesses as companies in their native languages. To achieve this, the SECP has published promoter guides in Balochi, Pushto, and Sindhi. These guidebooks…
SECP strengthens measures to prevent predatory lending in Digital Nano Lending
In order to curb predatory practices and ensure financial sustainability of the borrowers in the digital nano-lending sector, the SECP has imposed exposure limits on digital lenders and borrowers through its Circular 10 of 2023. A maximum limit of Rs. 25000/- has been imposed for individual borrowers from a single loan app, and the aggregate…
SECP publishes diagnostic study on Motor third-party insurance
The Security and Exchange Commission of Pakistan (SECP) has released a diagnostic study providing a holistic synopsis of the existing landscape of Motor third-party insurance in the country. The objective of this study was to present an in-depth overview of the legal framework applicable to motor third-party insurance, the current state of motor insurance, impediments…
SECP Registers Life insurance Company as a Pension Fund Manager
Promoting healthy competition in the pension management field, the Securities and Exchange Commission of Pakistan (SECP) registered M/s IGI Life Insurance Limited as a Pension Fund Manager under the Voluntary Pension System Rules, 2005. The Pension Funds established under the VPS Rules are professionally managed savings-cum investment vehicles, that enable salaried and self-employed individuals to…
SECP takes Actuarial Advisor on board for Insurance Division
The Securities and Exchange Commission of Pakistan (SECP), in line with its focus on strengthening its insurance sector regulatory responsibilities, is pleased to announce appointment of Mr. Falak Sher Soomro as Advisor to the Commission on Insurance. Mr. Soomro is an Associate of Institute of Actuaries, UK. He is a risk and insurance professional with…