Meezan Bank, Pakistan’s leading Islamic bank and among the largest financial institutions in the country, has extended Shariah Technical Services and Advisory Support to Stylers International Limited (SIL), enabling the PSX-listed company to obtain the Securities and Exchange Commission of Pakistan’s (SECP) Shariah Compliance Certificate under the Shariah Governance Regulations, 2023 (SGR). This development places Stylers International among a select group of listed companies in Pakistan that have been formally certified as Shariah-compliant by the country’s corporate regulator.
The certification marks a significant milestone for Stylers International, reflecting its alignment with Islamic principles across governance, operations, and financial management. It also underscores the growing role of Islamic finance advisory services in supporting listed corporates as Pakistan advances toward a more transparent, ethical, and Shariah-aligned financial ecosystem.
Through its dedicated Shariah Advisory Unit, Meezan Bank undertook a comprehensive review of Stylers International’s constitutive documents, internal policies, and operational frameworks. The exercise was conducted in strict accordance with the requirements set out under the Shariah Governance Regulations, 2023. The review spanned key functional areas of the company, including human resources, finance, operations, marketing, procurement, and corporate governance, ensuring that Shariah compliance was embedded holistically across the organisation rather than limited to financial reporting alone.
In addition to policy and structural alignment, Meezan Bank also carried out a detailed Shariah screening of Stylers International’s audited financial statements for the year ended June 30, 2025. The screening confirmed that the company had nil exposure to interest-bearing debt, Shariah non-compliant investments, and impermissible income. This verification formed a critical component of the certification process, providing assurance to regulators, investors, and stakeholders regarding the company’s adherence to Shariah principles.
Beyond enabling the certification, Meezan Bank is currently acting as Stylers International’s Shariah compliance function. In this ongoing role, the Bank is providing continuous Shariah monitoring, periodic compliance reviews, and day-to-day advisory support on business operations. The engagement also includes capacity-building initiatives such as structured training programmes, aimed at strengthening internal understanding of Shariah requirements and ensuring the long-term sustainability and effectiveness of SIL’s Shariah compliance framework across all operational areas.
Commenting on the development, Syed Tariq Ali, Head of Investment Banking & Shariah Advisory at Meezan Bank, said the collaboration reflects the Bank’s broader commitment to advancing Shariah-compliant corporate practices in Pakistan. He noted that Meezan Bank remains focused on supporting listed companies in adopting robust and transparent Shariah governance frameworks that contribute to the sustainable growth of Islamic finance and enhance investor confidence in Shariah-aligned businesses.
From the company’s perspective, the certification represents more than a regulatory achievement. Javed Arshad Bhatti, Chairman and Director of Stylers International Limited, described the milestone as deeply meaningful for the organisation. He stated that Shariah compliance serves as a guiding principle for SIL’s long-term success, rather than merely a formal requirement. According to him, the partnership with Meezan Bank has reinforced the company’s commitment to ethical, transparent, and faith-aligned practices in every aspect of its operations.
Bhatti added that the accreditation is a reflection of the collective dedication and shared values of the SIL team, emphasising the belief that sustainable growth and barakah stem from adherence to ethical and Shariah-compliant principles. He expressed optimism that the company would continue to build on this foundation with integrity and excellence in the years ahead.
As more listed companies explore Shariah compliance under the SECP’s regulatory framework, collaborations such as this highlight the increasing institutionalisation of Islamic corporate governance in Pakistan. The Meezan Bank–Stylers International engagement demonstrates how structured advisory support can help corporates navigate regulatory requirements while strengthening confidence in Shariah-compliant business models across the capital market.
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