Aqd-e-Wakala (Brokerage Account)
A normal procedure of buying and selling of shares is followed, restricted in Shariah Compliant scripts only by avoiding unethical ways of trading. In this contract Diyanah Islamic Financial Services (Pvt.) Limited (DIFS) acts as a Wakeel for the client.
How It Starts
- Investor must open his / her account with DIFS.
- Your account will be activated along with CDC Sub Account after receiving the confirmation (Approval from the National Clearing and Central Depository Company of Pakistan).
- The investment amount must be deposited along with account opening form by crossed cheque, pay order, demand draft or traveler cheque in favor of DIFS.
- In case any client deposits non Shariah Compliance Scripts during account opening as security, such shares shall be sold out or replaced by any Shariah Compliance Scripts.
- DIFS will only act as a wakeel for the client and the client will be responsible for all the profit / loss occur in his / her account. Company will only charge commission on trades.
- Only Shariah Compliant shares are allowed for trading by avoiding Intra-day, leverage and future trading.
- Provisional trading for IPO’s is also prohibited, except those IPO companies which exist physically and are already established. Furthermore, Right Allotment Letter is also prohibited for trade.
How it Works
- A dedicated dealer will be assigned to each account holder for the swift execution of their trades.
- All orders will be executed with the approval and permission of the client or by his / her authorized person.
- Short selling is not allowed to clients. In case the clients have their shares in CDC Investors Account or any other sub account at another place, first they shall have to transfer their shares to the CDC Sub Account before selling.
DIFS will provide you all the confirmations and services through Telephone, SMS, Email and Web updates regarding market situation and account status.