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) Limited under the Shariah Governance Regulations, 2018, said a press release issued here.
The regulations provide an enabling regulatory framework for the certification of Shariah-compliant companies and Shariah-compliant securities.
Qistbazaar (Private) Limited, an NBFC providing investment finance services, has engaged the services of a Shariah advisor to structure its 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.—APP
