KARACHI: Security Investment Bank Ltd (SIBL) told the Pakistan Stock Exchange on Friday its board has decided to transition into a Sharia-compliant entity.
Security Investment Bank is licensed to carry out investment finance services as a non-banking finance company (NBFC) under the Companies Act, 2017.
It has also applied to the Securities and Exchange Commission of Pakistan (SECP) for a certificate as a Sharia-compliant company under Section 451 of the Companies Act 2017.
“This conversion will be a multi-stage process, and the SECP will ensure a smooth transition with minimal disruption to the customers of (the company),” said a statement released by the apex regulatory of the corporate sector.
