Halal Stocks in Pakistan (2026): Top 10 Shariah Compliance Overview

Under Islamicly's Shariah framework, shares in a listed company may be considered permissible to own and trade when two conditions are met. The underlying business activity and the applicable financial criteria must both satisfy the Shariah screening methodology. That methodology is prescribed by AAOIFI standards and reviewed by Islamicly's globally renowned Shariah Supervisory Board.

Shariah Compliance in Pakistan at a Glance

How Islamicly Screens a Stock

Islamicly applies three-level screening to every listed equity, aligned with AAOIFI Shariah Standard No. 21, with a fourth step governing the income that remains. A company must clear all three screens to earn a compliant rating.

Purification applies to dividends, not capital gains.

Top 10 Stocks in Pakistan by Market Capitalisation

1. Oil and Gas Development Company

Oil and Gas Development Company (OGDCL) is Pakistan's largest oil and gas exploration and production company by reserves and output, majority-owned by the Government of Pakistan. OGDC's oil, gas and LPG operations are permissible, but its interest income (PKR 31.97 billion against operating revenue of PKR 427.47 billion) exceeds 5% of total revenue. The product line passes; the finance income means the stock fails the business sector screen. It passes debt compliance but fails cash compliance.

2. United Bank

United Bank Limited is one of Pakistan's largest commercial banks, majority-owned by the UK-based Bestway Group. It has international operations in the Gulf and the United Kingdom and an Islamic banking division, UBL Ameen. United Bank is a conventional bank whose revenue comes mainly from interest-based lending and investments, well above the 5% threshold. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.

3. Meezan Bank

Meezan Bank is Pakistan's largest Islamic bank and, in 2002, became the first to receive a full Islamic commercial banking licence in the country. Meezan Bank operates as a fully Islamic bank, offering Shariah-compliant deposits, Ijarah auto leasing and Diminishing Musharakah home finance. As per the Shariah screening methodology, Meezan Bank has a Shariah scholars board to supervise the activities of the bank. It also has a pronouncement from the Shariah board that the activities of the bank are Shariah-compliant. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.

4. Fauji Fertilizer Company

Fauji Fertilizer Company is Pakistan's largest urea producer and part of the Fauji Foundation group, operating through four segments: fertilizers, power, food and technical services. It absorbed its sister company Fauji Fertilizer Bin Qasim in a 2025 merger. FFC earns a small amount of non-Islamic investment income and interest, but together these stay below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance. However, its cash and interest-bearing securities exceed 30% of its market value, so it fails cash compliance.

5. Mari Energies

Mari Energies, formerly Mari Petroleum Company, is a Pakistani exploration and production company best known as operator of the Mari gas field in Sindh, one of the country's largest. A review of Mari Energies' revenue segments — natural gas, crude oil and LPG — found no involvement in non-permissible business activities, with interest income below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.

6. Lucky Cement

Lucky Cement is one of Pakistan's largest cement manufacturers and exporters, with diversified interests including polyester, soda ash, pharmaceuticals and chemicals, automobile and mobile phone assembly, and power generation. Lucky Cement has no involvement in non-permissible business activities and reports no interest income. The stock therefore passes the business sector screen. It also passes debt compliance. However, its cash and interest-bearing securities exceed 30% of its market value, so it fails cash compliance.

7. Pakistan Petroleum

Pakistan Petroleum Limited is a state-controlled exploration and production company, historically the operator of the Sui gas field in Balochistan. A review of Pakistan Petroleum's revenue from natural gas, oil, LPG and condensate found no non-permissible operating revenue, with interest income below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.

8. MCB Bank

MCB Bank is a major Pakistani commercial bank and part of the Nishat Group, with an Islamic banking subsidiary, MCB Islamic Bank. MCB Bank is a conventional bank whose revenue comes mainly from interest-based lending and investments, well above the 5% threshold. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.

9. Habib Bank

Habib Bank Limited is one of Pakistan's largest banks, majority-owned by the Aga Khan Fund for Economic Development. It has operations across Asia, the Middle East and Europe and an Islamic banking arm, HBL Islamic. Habib Bank is a conventional bank whose revenue comes mainly from interest-based lending and investments, well above the 5% threshold. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.

10. National Bank of Pakistan

National Bank of Pakistan is the country's largest state-owned commercial bank, and handles government treasury transactions on behalf of the State Bank of Pakistan. National Bank of Pakistan earns its revenue mainly from interest on lending, deposits and placements with financial institutions, together with non-Islamic investment income, well above the 5% threshold. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.

Compliance Status Is Dynamic, Not Permanent

Sector-Wise Shariah Screening in Pakistan

Healthcare is the only sector where every listed company is Shariah-compliant (13 of 13). Transportation clears none of its five, and Financial clears 7 of 47 (15%) — mainly Islamic banks and modarabas. Consumer Cyclical, the largest sector, clears 11 of 63 (17%).

About Islamicly

Islamicly is a Shariah-certified app and web platform for screening Shariah-compliant equities. It provides Shariah compliance information for stocks listed on the Pakistan Stock Exchange (PSX), and for companies listed across global markets.

Screening is carried out against AAOIFI-based standards and reviewed by Islamicly's Shariah Supervisory Board, chaired by Dr. Mohamed A. Elgari (Saudi Arabia), with Dr. Muhammad Amin Qattan (Kuwait) and Dr. Nazih Hammad (Canada). Every classification published by Islamicly, including those in this report, is produced under that framework.

On the app and web platform, investors can check the Shariah status of any listed stock, screen an existing portfolio for non-compliant positions, view a stock's historical compliance data, calculate dividend purification amounts, and receive alerts when a holding changes status. Islamicly also offers Shariah-screened model portfolios, digital gold and silver, mutual funds and managed-investment options, and runs free AMAs and webinars on halal investing.