MACPAC Films Ltd Granted Shariah Compliance Certificate by Securities and Exchange Commission of Pakistan

Islamabad: The Securities and Exchange Commission of Pakistan (SECP) has officially granted a Shariah compliance certificate to MACPAC Films Ltd., confirming that the company meets the standards set under the Shariah Governance Regulations, 2023, and the Companies Act, 2017. This certification marks a significant step for MACPAC Films Ltd. as it aligns its operations with Islamic financial and regulatory requirements.

The decision by the SECP was made after a thorough review of MACPAC Films Ltd.’s application and confirmation that the company adheres to the Shariah screening criteria outlined in the regulations. This certification, effective as of today, is contingent upon the company’s continued compliance with the established guidelines and any future directives from the Commission or its Shariah supervisory board.

According to information available from the Pakistan Stock Exchange (PSX), this development is expected to influence the company’s future financial strategies and operations. As part of the standard conditions of this certificate, MACPAC Films Ltd. is required to abide by several ongoing obligations. These include adhering to the Companies Act, 2017, and the specific regulations, as well as submitting an annual Shariah review report to demonstrate continued compliance.

Additionally, there are specific conditions attached to the certificate. MACPAC Films Ltd. is tasked with amending its Memorandum of Association to ensure its objectives fully reflect its commitment to Shariah compliance. The company is also encouraged to adopt the Islamic Financial Accounting Standards to ensure a true and fair representation of its financial accounts.

This certification remains valid unless it is voluntarily surrendered by the company or is suspended or cancelled by the SECP under the stipulated regulatory provisions.