Official Islamic Clearance

Shariah Compliance Certification

Official Shariah review and recognition issued by the Halal Economy Advisory Centre (SECP Registration No. SECP/IFD/SA/220).

SECP Registered Shariah Certification

Shariah Compliance Certification

MRA Wiqaya has been reviewed and recognized by the Halal Economy Advisory Centre (HEAC) as a Shariah-compliant brokerage window, operating under a dedicated Shariah governance framework.

Its operations are designed to ensure Shariah-compliant trading, segregated processes, independent Shariah supervision, and ongoing compliance with Islamic principles.

Certified Operational Framework:

1. Dedicated Shariah Governance Framework: MRA Wiqaya operates under an autonomous Islamic governance model with continuous oversight by qualified scholars from the Halal Economy Advisory Centre.

2. Shariah-Compliant Trading Only: Trading universe is strictly restricted to Shariah-screened equities meeting the 6-tier PSX KMI-30 benchmarks. Non-compliant stocks are locked from execution.

3. Segregated Islamic Processes & Banking: 100% of client balances are kept in designated Islamic bank accounts with strict firewalls separating them from conventional brokerage capital.

4. Prohibition of Margin Riba & Speculation: Conventional leverage, interest-accruing margin loans, blank selling, and short sales without physical CDC delivery are categorically prohibited.

5. Independent Supervision & Cleansing: Regular supervisory audits and quarterly non-compliant dividend purification ratios are provided to ensure complete religious purity of investment gains.

Mufti Ali Asghar

Shariah Advisor & Jurist

Halal Economy Advisory Centre

SECP Reg: SECP/IFD/SA/220

Contractual Jurisprudence

The Four Fiqhi Contracts of MRA Wiqaya

Every transaction executed on MRA Wiqaya conforms to classical Islamic commercial contracts (*Uqud al-Muamalat*).

‘Aqd al-Bay‘

Contract of Sale (Tamleek)

Trading represents a genuine transfer of ownership in the underlying corporate assets of the enterprise, satisfying the Islamic condition of constructive possession (*Qabd*).

Cash Delivery Only (T+2)

Wakala bil Istithmar

Investment Agency

MRA Securities acts strictly as an agent (*Wakeel*) executing orders according to client mandates for a disclosed, fixed brokerage tariff, with zero hidden profit markups.

Disclosed Brokerage Fee

Amanah

Fiduciary Custody

Investor funds are held in trust under dedicated non-interest Islamic bank accounts. Client capital is legally isolated and never used for proprietary house trading.

100% Segregated Accounts

Tahrim al-Riba

Absolute Usury Prohibition

Prohibition of all interest mechanisms: no margin loans, no Badla/MTS finance charges, no unreceived short sales, and no leveraged derivative contracts.

0% Interest Guaranteed

SECP Official Filing Record

Shariah Advisor SECP Registration: SECP/IFD/SA/220

Issued by the Securities and Exchange Commission of Pakistan under the Islamic Financial Institutions (Shariah Governance) Regulations.