Agreement to offer Shariah-Compliant Trading Platform to RDA Clients signed.

ISLAMABAD -- Pakistan Stock Exchange (PSX) and Meezan Bank Limited signed an agreement to provide a dedicated Shariah-compliant trading platform for Roshan Digital Account (RDA) clients.

The agreement would facilitate investors who are focused on investing in shariah approved securities, according to press statement received here from PSX.

The agreement was signed by the Managing Director and Chief Executive Officer PSX, Farrukh H Khan and the Founding President and Chief Executive Officer, Meezan Bank, Irfan Siddiqui. The signing ceremony was witnessed by Chairperson PSX, Dr Shamshad Akhtar, and senior management of both the organisations.

The trading platform would be available through, KiTS (Karachi Internet Trading System), the online trading system provided by PSX.

Any RDA client of an Islamic bank can now avail this platform for investing in PSX through the services offered by more than a 100 securities brokers using KiTS as an Order Management System (OMS).

The purpose of this platform is to enable Non-Resident Pakistanis (NRPs) to securely invest in their homeland's capital market in a shariah-compliant manner, the statement said.

Moreover, with this development in KiTS, Shariah- compliant investing capability could be offered virtually by many TREC-Holders to their RDA customers. Hence, providing clients a broader suite of securities brokers to select from for their shariah-compliant investment needs.

The criteria for investing on shariah-compliant platform has been developed by Meezan Bank and vetted by the PSX Shariah Adviser.

The specifications of the...