In a significant development for Pakistan's corporate and Islamic finance sectors, Meezan Bank has successfully facilitated Stylers International Limited (SIL) in obtaining the coveted Shariah Compliance Certificate from the Securities and Exchange Commission of Pakistan (SECP). This achievement, realized under the Shariah Governance Regulations, 2023 (SGR), marks SIL's entry into an exclusive group of Shariah-compliant companies listed on the Pakistan Stock Exchange (PSX).
Comprehensive Shariah Advisory and Alignment
Meezan Bank, through its dedicated Shariah Advisory Unit, undertook a meticulous review and restructuring of SIL's entire operational framework to meet the stringent SGR requirements. The bank's experts worked closely with SIL to align its constitutive documents, internal policies, and operational procedures with Islamic principles. This extensive review encompassed all critical business functions, ensuring that every aspect of the company's operations adhered to Shariah law.
The advisory process covered several key areas, including:
- Human Resources policies and practices
- Finance and accounting procedures
- Marketing and sales operations
- Procurement and supply chain management
- Corporate Governance structures
Rigorous Financial Screening and Ongoing Support
A crucial component of the certification process involved a detailed Shariah screening of SIL's audited financial statements for the fiscal year ending June 30, 2025. Meezan Bank's analysis confirmed that SIL maintained a clean financial slate with zero exposure to interest-bearing debt, Shariah non-compliant investments, or any impermissible income streams. This clean bill of health was fundamental to securing the SECP's approval.
Beyond the initial certification, Meezan Bank has established an ongoing partnership with SIL. The bank is now serving as SIL's official Shariah compliance function, providing continuous monitoring and support. This includes regular compliance reviews, day-to-day advisory on business operations, and structured capacity-building initiatives through specialized training programs. This enduring engagement is designed to ensure the sustainability and effectiveness of SIL's Shariah-compliance framework across all its activities.
A Boost for Islamic Corporate Governance
Syed Tariq Ali, Head of Investment Banking & Shariah Advisory at Meezan Bank, commented on this landmark achievement. He stated that the bank is proud to have supported Stylers International in this transformative journey. Ali emphasized that this collaboration underscores Meezan Bank's commitment to advancing Shariah-compliant corporate practices throughout Pakistan's business landscape.
He further noted that supporting listed companies in adopting robust and transparent Shariah governance frameworks is vital for the sustainable growth of Islamic finance in the country. This milestone for SIL is not just a corporate achievement but a step forward in integrating ethical, Shariah-based principles into the mainstream corporate sector, contributing to a more resilient and principled economic environment in Pakistan.
