PSX and Meezan Bank Sign an Agreement to Offer Shariah-Compliant Trading Platform for RDA Clients.
KARACHI -- Pakistan Stock Exchange (PSX) and Meezan Bank Limted, Pakistan's leading Islamic bank, signed an Agreement whereby PSX, in collaboration with the Bank, will provide a dedicated shariah- compliant trading platform for Roshan Digital Account (RDA) clients. This will facilitate investors who are focused on investing in shariah approved securities. The Agreement was signed by the MD and CEO PSX, Mr. Farrukh H. Khan, and the Founding President and CEO Meezan Bank, Mr. Irfan Siddiqui, amidst the presence of Chairperson PSX, Dr. Shamshad Akhtar, and senior management of both the organisations. This trading platform will be available through the online trading system provided by PSX called KiTS or Karachi Internet Trading System. 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. Moreover, with this development in KiTS, shariah- compliant investing capability can 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 Advisor. The specifications of the shariah-compliant trading platform include investing in KMI-All Share securities, shariah-compliant IPOs and shariah-compliant ETFs. Trading option is available only for Ready and Odd Lot markets. The recently bought shares can be sold on T+2 basis, i.e, when shares purchased are available in CDS account.
Speaking at the launch of the shariah-compliant trading platform for RDA clients, the MD PSX, Mr. Farrukh Khan, stated, 'Pakistan Stock Exchange is at the forefront of using technology to enhance the experience of market participants including investors. The demand for shariah-compliant offerings is consistently rising and PSX has...
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