Securities and Exchange Commission of Pakistan Mandates Conversion of Physical Shares to Book Entry Form for BankIslami Shareholders

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Karachi, In accordance with the provisions of Section 72 of the Companies Act, 2017, the Securities and Exchange Commission of Pakistan (SECP) has issued a crucial directive affecting shareholders of BankIslami Pakistan Limited. Through its official letter No. CSD/ED/MISC/2016-639-640 dated March 26, 2021, the SECP has mandated all listed companies to replace their existing physical share certificates with Book Entry Form.

This regulatory requirement is aimed at streamlining and modernizing the process of share ownership, enhancing transparency, and reducing the risks associated with physical share certificates. As part of this directive, shareholders of BankIslami Pakistan Limited who currently hold physical share certificates are strongly urged to initiate the conversion process into Book Entry Form as soon as possible.

Furthermore, shareholders who have yet to collect their unclaimed physical share certificates are requested to do so promptly from the Bank’s Share Registrar. This step is crucial to ensure compliance with the SECP’s directive and avoid any potential complications in the future.

To facilitate this transition, shareholders of BankIslami may seek assistance from their respective Broker, who must be a member of the Pakistan Stock Exchange (PSX). Additionally, they can reach out to a Central Depository Company (CDC) Participant or the CDC Investor Account Services Department of the Central Depository Company of Pakistan Limited for guidance and support in opening a CDC Account.

The move towards Book Entry Form for shares is in line with global best practices in financial markets and aims to provide greater security and efficiency for shareholders and investors alike. BankIslami Pakistan Limited and the SECP are committed to assisting shareholders throughout this transition, ensuring a smooth and hassle-free process.

Shareholders are encouraged to take prompt action to comply with this regulatory requirement and safeguard their investments. The deadline for the conversion of physical share certificates into Book Entry Form will be announced shortly, and shareholders are urged to stay informed through official channels and communications from the Bank and relevant regulatory bodies.

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