Stylers International Limited (SIL) has secured a Shariah Compliance Certificate from the Securities and Exchange Commission of Pakistan (SECP), placing the publicly traded company among a select number of firms on the Pakistan Stock Exchange (PSX) to achieve this status.
According to a statement issued today, the certification was obtained following extensive advisory support from Meezan Bank, which guided SIL through the requirements of the Shariah Governance Regulations, 2023.
Through its Shariah Advisory Unit, the Islamic financial institution reviewed and aligned SIL’s constitutive documents and operational frameworks with religious principles. The meticulous process encompassed key functional areas such as human resources, finance, marketing, and corporate governance to ensure comprehensive adherence.
A crucial part of the validation included a Shariah screening of SIL’s audited financial statements for the year that ended on June 30, 2025. The review confirmed the company had nil exposure to interest-bearing debt, non-compliant investments, and impermissible income.
Meezan Bank is now acting as SIL’s ongoing Shariah compliance function, providing continuous monitoring, periodic compliance reviews, and day-to-day operational advice. The engagement also includes structured training programmes designed to ensure the sustainability of SIL”s Shariah-compliant framework.
Syed Tariq Ali, Head of Investment Banking and Shariah Advisory at Meezan Bank, said the collaboration reflects the bank”s commitment to advancing Shariah-compliant corporate practices and supporting listed companies in adopting robust governance frameworks.
Javed Arshad Bhatti, Chairman and Director at Stylers International Limited, described the accreditation as a milestone and a “guiding beacon for lasting success.” He added that the partnership with Meezan Bank strengthens the company”s resolve to uphold “ethical, transparent and faith-aligned practices.”