Karachi: Pakistan Stock Exchange (PSX) and Meezan Bank have launched Pakistan’s first Sharia-compliant trading platform for the Roshan Digital Account (RDA) account holders, news sources reported on July 28. The online platform will enable Non-Resident Pakistanis (NRPs) to partake in Pakistan’s banking, payment, and investment activities.
As per the details released, the trading platform will be accessible via the PSX’s internet trading system and the Karachi Internet Trading System (KiTS). Any RDA customer will be able to purchase Sharia-compliant securities using the services provided by over 100 stockbrokers who use KiTS as an Order Management System (OMS). Similarly, through the platform, NRPs will be able to invest in Karachi Meezan Index (KMI)-All Share securities, Sharia-compliant initial public offerings (IPOs), and Sharia-compliant exchange-traded funds (ETFs).
Moreover, to make the trading platform more secure and user-friendly, the criteria for investing in the Sharia-compliant platform have been developed by Meezan Bank and vetted by the PSX’s Sharia adviser.
However, for the time being, the app will only offer a restricted range of trading possibilities for the Ready and Odd Lot markets. Recently purchased shares can be sold on a T+2 basis, that is, when the shares are accessible in the Central Depository System (CDS) account.
It is important to note that RDA is a large, government-backed platform for NRPs that was launched in 2020 and offers a variety of products and services. The portal allows NRPs to invest in real estate, stocks, trading platforms, and government-backed assets via the app.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
