The National Clearing Company of Pakistan Limited (NCCPL) has notified addition of 37 stock Murabaha Share Financing (MSF) and deletion of 13 stock from that list.

This is with reference to the eligibility review of securities for MSF, in accordance with the clause 7E.2.1.1 of the NCCPL Regulations, 2015, whereby, securities selected by Pakistan Stock Exchange (PSX) for PSX-KMI All share Islamic Index of Pakistan shall be declared as MSF eligible securities.

In this respect, PSX wide its Notice No. PSX/N-1504 dated: December 24, 2021, notified the recomposition of PSX-KMI all share Islamic index of Pakistan. Accordingly, following securities will be included and excluded from the list of MSF.

Stocks added in the list include ANL, CLVL, CNERGY, DAWH, DFSM, FANM, FZCM, GADT, GFIL, GGGL, HINO, IDRT, JKSM, KASBM, KOHE, MFFL, NATM, NRSL, OTSU, PAKMI, PIOC, PMI, PSEL, PTCL, RCML, SFL, SGAFL, SGF, SHDT, SHEZ, SSML, STPL, TATM, TELE, TREET, WYETH and ZTL.

National Clearing Company of Pakistan Limited (NCCPL) has launched Murabahah Share Financing (MSF) System following the Regulations approval from Securities and Exchange Commission of Pakistan (SECP).

The system has been developed through extensive consultations and guidance from Shariah Advisory Board of SECP and renowned Shariah scholars representing reputed Islamic banks.

Murabahah is primarily a sale transaction which is used to finance the purchase requirements of the customer in a Shariah compliant manner. MSF will allow financing only in Shariah compliant securities which fall under the PSX-KMI All Share Islamic Index.

The MSF system will provide the existing as well as the new investors of Securities Market with an opportunity to avail financing through Shariah compliant manner. By joining hands with NCCPL, the Islamic banking system operating in Pakistan, can further avail the benefits of the said product which is designed and developed for the facilitation of the overall Capital Market operations and bring excess liquidity into market.

The story was filed by the News Desk.
The Desk can be reached at info@thecorrespondent.com.pk.

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