Foundation Securities launches shariah trading Platform
Aftab Ahmed
Foundation Securities which is part of the Fauji Foundation Group and a local affiliate of Macquarie Capital has launched a first-ever shariah-compliant trading platform in Pakistan that includes investment only in stocks in the KMI-All-Share index.
This new platform will attract those investors who were unable to participate in the best performing stock market in Asia due to the non-availability of pure shariah-compliant trading facilities.
While talking to Newztodays Syed Ahmad Zaidi CEO of Foundation securities has said that “Alhamdulillah, we are extremely excited at the launch of this unique Shariah based trading platform that will gain massive popularity as many people avoid capital markets due to non-availability of Shariah compliant platforms.”
Features of new Shariah-compliant trading platform includes investment only in stocks in the KMI-All-Share index, 100% cash basis (no leverage), only ready counter trade facility, no intra-day trading allowed (investors can sell only after settlement in 2 days after the transaction), restriction on the sale of Letter of Rights and investment in shariah based Exchange Traded Fund Meezan Pakistan.
Investing through Foundation Edge is a simple process. Furthermore, to open a Shariah-compliant trading account, investors need to fill Know Your Customer form along with the provision of relevant documents and biometric verification.
Foundation Securities is also taking a leading part in facilitating overseas investment in Pakistan Stock Exchange by opening Roshan Digital Account. Foundation was the first brokerage house in Pakistan to open an NRP Rupee Value Account (NRVA) that will allow NRPs to invest in the stock exchanges of Pakistan through digital means.
Brief History of Foundation Securities
Foundation Securities started life in January 2005 as the first of its kind partnership between a group of industry professionals and Fauji Foundation – one of the most reputable and financially stable business groups in Pakistan.
Foundation Securities (Private) Limited is a full-service equities broking and investment banking firm with corporate membership of the Pakistan Stock Exchange Ltd. and the Pakistan Mercantile Exchange.
Foundation Securities marks the entry of the Fauji Foundation in the financial services sector. It has a backing of the financial strength and excellent reputation of the Fauji Foundation with the professional expertise and repute of the Management Group. It has the objective of achieving market leadership in all its business functions.
Since its inception, Foundation Securities has quickly emerged as one of the leading securities firms in Pakistan with offices in Karachi, Lahore, and Islamabad catering to the needs of a large base of institutional and retail clients.
Meanwhile, Foundation Securities has also signed a strategic cooperation agreement with Macquarie Capital Securities Limited, an affiliate of global financial institution Macquarie Group, covering investment banking and securities operations.
