PSX Shariah Trading Counter Launches for Investors
The PSX Shariah trading counter is now open for investors who want to buy and sell only shares and securities that comply with Islamic principles. The Pakistan Stock Exchange launched the dedicated counter after the Securities and Exchange Commission of Pakistan approved the Shariah Trading Counter Regulations.
A total of 39 brokerage firms have joined the initiative through their Islamic windows, while two other brokerage houses are licensed to operate exclusively as Shariah-compliant brokers. The counter gives retail and institutional investors a single, dedicated platform for Shariah-compliant investment, instead of picking compliant stocks out of the general market on their own.
PSX Shariah trading counter: what investors can trade
Trading on the counter is restricted to Shariah-compliant shares, government Ijarah Sukuk and corporate Sukuk. Interest-based financing products, short selling and derivatives trading are not allowed. Investors can instead use Murabaha Share Financing, a Shariah-compliant alternative to conventional share financing, and they can sell non-compliant holdings to bring their portfolios into line with Islamic investment principles.
The exchange has also introduced a Shariah portal on its Data Portal, where investors can check which shares and Sukuk are eligible for Islamic investment. Investors can open regular trading accounts or Sahulat Accounts using a Shariah-compliant customer relationship and risk disclosure document. The Sahulat route matters for first-time investors, because it lowers the paperwork barrier for small savers who want to enter the market through a compliant channel.
Why a separate counter matters
Many Pakistani investors already avoid interest-based products on religious grounds, but they have had to rely on lists and their own checks to stay compliant. A dedicated counter changes that process. Eligible securities sit in one place, financing follows an approved structure, and the compliance question is answered by the platform rather than left to each investor.
Pakistan Stock Exchange Managing Director and Chief Executive Farrukh H. Sabzwari said the new system would improve access to Islamic investment opportunities and strengthen investor confidence. He added that the number of investor accounts at the exchange had crossed 650,000, with younger investors contributing significantly to new participation. Securities and Exchange Commission of Pakistan Commissioner Imtiaz Haider said the initiative could attract more investors and create opportunities for brokerage firms.
The commission also plans to expand digital retail Sukuk and introduce Shariah-compliant tools for liquidity and risk management. Those steps would widen the range of compliant products beyond shares and Sukuk, and give Islamic brokers more ways to manage cash and risk without touching interest-based instruments.
For context, the launch comes in a week when the PSX extended its rally for a fourth session, and when the wider finance agenda has focused on access for smaller savers, from SBP reserves rising above $21.5 billion to the SBP SMEConnect loans portal and new FBR steel tax rules. A Shariah counter fits that access theme, but for a distinct group of investors whose first question is compliance, not just return.
The practical test now is uptake. If the 39 Islamic windows and two specialist brokers bring in new accounts, the counter will have served its purpose. If trading stays thin, the exchange will need to show that compliant liquidity, not just compliant listings, is available on the platform.
Frequently asked questions
What is the PSX Shariah trading counter?
It is a dedicated Pakistan Stock Exchange platform for buying and selling Shariah-compliant shares, government Ijarah Sukuk and corporate Sukuk.
Which brokers offer the Shariah counter?
A total of 39 brokerage firms take part through their Islamic windows, and two brokerage houses are licensed to operate exclusively as Shariah-compliant brokers.
What is not allowed on the counter?
Interest-based financing products, short selling and derivatives trading are not allowed. Investors can use Murabaha Share Financing instead.
How can investors check eligible securities?
The PSX has introduced a Shariah portal on its Data Portal, where investors can check which shares and Sukuk are eligible for Islamic investment.
