Karachi, 23 December: Meezan Bank, Pakistan’s leading Islamic bank and one of the largest banks in the country, has provided Shariah Technical Services and Advisory Support to Stylers International Limited (SIL), a company listed at Pakistan Stock Exchange (PSX), enabling it to obtain Securities and Exchange Commission of Pakistan’s (SECP) Shariah Compliance Certificate under the Shariah Governance Regulations, 2023 (SGR). This milestone places SIL among a select group of PSX-listed companies certified as Shariah-compliant.
Through its Shariah Advisory Unit, Meezan Bank reviewed and aligned SIL’s constitutive documents, internal policies and operational frameworks in accordance with the requirements of the SGR. The review covered key functional areas, including human resources, finance, operations, marketing, procurement, and corporate governance, ensuring comprehensive adherence to Shariah-compliant practices.
The Bank also conducted a Shariah screening of SIL’s audited financial statements for the year ended June 30, 2025, confirming nil exposure to interest-bearing debt, Shariah non-compliant investments, and impermissible income.
Currently, Meezan Bank is acting as SIL’s Shariah compliance function, providing ongoing support through continuous Shariah monitoring, periodic compliance reviews, day-to-day advisory on business operations and capacity-building initiatives including structured training programs. This engagement is designed to ensure sustainability and effectiveness of SIL’s Shariah-compliance framework across all areas of its operations.
Syed Tariq Ali, Head of Investment Banking & Shariah Advisory at Meezan Bank, said: “Meezan Bank is pleased to have supported Stylers International Limited in obtaining Shariah compliance certification from the SECP. This collaboration reflects the Bank’s commitment to advancing Shariah-compliant corporate practices in Pakistan and supporting listed companies in adopting robust, transparent Shariah governance frameworks that contribute to the sustainable growth of Islamic finance. ”
Javed Arshad Bhatti, Chairman/ Director at Stylers International Limited, added: “Alhamdulillah, it is with deep humility and gratitude that I share a milestone very close to my heart, Stylers International Limited (SIL) has been accredited as Shariah Compliant by the SECP under the SGR. This places SIL among a select group of listed companies in Pakistan that are aligned with Shariah principles; a responsibility we embrace with sincerity and purpose.
For me and everyone at SIL, Shariah compliance is not just a requirement; it is a guiding beacon for lasting success. In partnership with Meezan Bank, this accreditation strengthens our resolve to uphold ethical, transparent and faith-aligned practices in every aspect of our work.
This recognition is truly a reflection of our team’s dedication, hard work and shared belief that barakah comes from walking the right path. May Allah allow us to build on this foundation with integrity and excellence.”
