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Islamabad, 786 Investments Limited has been granted a Shariah Compliance Certificate for its 786 Islamic Money Market Fund, According to information available from the Pakistan Stock Exchange (PSX). The Securities and Exchange Commission of Pakistan (SECP) issued the certificate, letter no: SECP/IFD/SCS/2024/61/786IMMF/581, dated June 03, 2024, confirming the fund’s compliance with Shariah law.
The certificate was awarded following an application by 786 Investments Limited dated May 8, 2024, and subsequent correspondence confirming the Shariah compliance of the 786 Islamic Money Market Fund (Wakalat us Istihmar based). This approval means that no further Shariah compliance certificates are required for launching similar funds in the future under the same structure, terms, and conditions, though reporting to the Commission is mandated before any new launches.
The certificate’s validity extends one year from the date of issue, expiring if the security is not issued within this period. 786 Investments Limited is required to adhere to various regulatory frameworks, including the Companies Act, 2017, the Regulations, and any relevant directives, circulars, codes, notifications, and guidelines from the Commission and its Shariah Advisor. Additionally, the company must submit an annual Shariah review report or other specified reports to demonstrate ongoing compliance.