The Pakistan Stock Exchange (PSX) has directed 449 listed companies whose nature of business has been identified as Shariah-compliant to ensure full compliance with mandatory Shariah disclosure requirements in their half-yearly and annual financial statements.
Shariah Disclosure Requirements for FY26 Financial Statements
In Notice PSX/N-939 issued on July 27, 2026, the exchange said the requirements under Clauses 5.6.9A and 5A.13(e)(ii) of the PSX Regulations will apply to the financial statements for the periods ended June 30, 2026 and September 30, 2026, as applicable.
The notice is a continuation of earlier directives issued in November 2025, December 2025 and January 2026. It reiterates that companies must also follow the clarification issued through PSX Notice No. PSX/N-435 dated April 17, 2026 to maintain uniformity, comparability and consistency in disclosures.
449 Listed Companies Covered by the Directive
PSX has attached the latest list of companies as Annexure A. The same list is available on the exchange’s website under listed companies data. Companies whose business nature is marked “Compliant” are required to make the disclosures; those marked “Non-Compliant” fall outside the mandatory reporting net.
Daily Penalties for Non-Compliance
Failure to comply will attract a fine of Rs100,000, with an additional Rs2,000 charged for every day the non-compliance continues.
The move is aimed at strengthening transparency around Shariah-related information for investors and market participants. The list covers a wide range of sectors including textiles, cement, sugar, chemicals, engineering, energy, food and pharmaceuticals, while conventional banks, insurance companies and certain financial institutions appear in the non-compliant category.
Impact on Listed Companies and Investors
Companies on the compliant list have been advised to ensure meticulous adherence to the prescribed disclosure format in the upcoming reporting cycle.