Al Hilal Securities Advisors

What Al Hilal Securities Advisors does

Al Hilal Securities Advisors is a Karachi-headquartered, Pakistan-based Shariah advisory firm providing Islamic finance compliance, audit, and structuring services to financial institutions, corporations, and individual investors. Originally founded in 2011 as Fortune Islamic Services by Faraz Younus Bandukda, the firm rebranded to Al Hilal Shariah Advisors in 2015 following its acquisition from Fortune Securities, and was incorporated as Al Hilal Securities Advisors in 2017 — becoming the first Shariah-compliant securities advisory company licensed by the Securities and Exchange Commission of Pakistan in 2016. The firm holds a reported 80% market share in Pakistan's Sukuk advisory market (as of 2022) and advises on assets exceeding Rs. 5 billion (as of 2023) with a team of approximately 40 professionals.

The company's core offerings span Shariah Advisory Services (audits, product structuring, governance), Investment Advisory (securities and portfolio advisory, mutual fund distribution, private equity and fund raising, corporate fund placement, employee funds management, private finance for SMEs), and Specialized Compliance modules including Sukuk structuring, Equity Investment Screening for PSX/GCC/global markets, Halal Food Certification, and Zakat Advisory for charitable institutions. Its proprietary digital platform, Hilal Invest — launched in 2021 as Pakistan's first digital marketplace for Islamic investments — enables B2C access to Shariah-compliant mutual funds from leading Pakistani asset managers. The Shariah Supervisory Council is anchored by credentialed scholars including the Chairman of the State Bank of Pakistan's Shariah Board, supported by AAOIFI-certified members.

Revenue is generated predominantly through professional services fees (project-based advisory engagements, Shariah audits, Sukuk structuring retainers, corporate training) supplemented by transaction-based commissions on mutual fund distribution via Hilal Invest and physical/digital channels. Pricing is quote-based and varies with project scope, industry, and complexity, with multi-year contracts typical for enterprise advisory clients. The go-to-market is sales-led for institutional and corporate clients (banks, asset managers, corporates, government) and direct-to-consumer for retail investors via Hilal Invest, with a content-driven marketing approach across LinkedIn, YouTube, Instagram, Facebook, and a dedicated fatwa and publications resource library establishing thought leadership in Pakistani Islamic finance.

Name

Al Hilal Securities Advisors

Legal name

Al Hilal Securities Advisors

Website

https://www.alhilalsa.com

Company type

Private

Founded year

2017

Operating status

Operating

Short description

Al Hilal Securities Advisors is a Pakistan-based, SECP-licensed Shariah advisory firm providing Islamic finance compliance, Shariah audits, Sukuk structuring, and equity screening to financial institutions, corporations, and individual investors, operating Pakistan's first digital Islamic investment marketplace via its Hilal Invest platform.

Ownership category

akta.pro rank

Product category

Islamic Finance Advisory

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Other Financial Investment Activities (5239), Miscellaneous Financial Investment Activities (523999)

SIC

Investment Advice (6282), Services-Engineering, Accounting, Research, Management (8700), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

akta.pro secondary industries

Islamic Investment Banking & Capital Markets Services (FSABAGAG), Sukuk Origination & Structuring (Bank-led) (FSABAGAL)

Keywords

• Shariah advisory services
• Islamic finance advisory
• Sukuk structuring advisory
• Halal certification services
• Islamic investment platform

Headquarters

HQ city

Karachi

HQ country

Pakistan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Shariah Advisory Services: Professional guidance ensuring companies' financial practices and business operations comply with Islamic law, including reviewing business contracts, financial structures, investment models, and operational policies.
2. Shariah Audit & Compliance: Review of all transactions, products, and financial statements to ensure compliance with Shariah directives, including compliance reports and gap identification.
3. Sukuk Structuring: Advisory services for the development and execution of Sukuk transactions to meet funding objectives, incorporating both commercial and Shariah considerations.
4. Equity Investment Screening: Screening of investment avenues to ensure Shariah compliance, including periodic review of investments, identification of purification amounts, and analysis of PSX, GCC, and global markets.
5. Halal Food Certification: Certification of products to meet Islamic dietary standards, including setup, implementation, and maintenance of Halal Assurance Systems.
6. Mutual Fund Distribution: Facilitation of sale and distribution of Shariah-compliant mutual funds of asset management companies through physical and digital channels.
7. Corporate Trainings: Educational programs, workshops, and resources for financial literacy and capabilities enhancement in Islamic finance and Shariah compliance.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Al Hilal Securities Advisors is a Pakistan-based Shariah advisory firm delivering Islamic finance compliance, audit, structuring, and certification services to financial institutions, corporations, and government entities. The firm also offers investment advisory and distributes Shariah-compliant mutual funds across physical and digital channels, anchored by Hilal Invest, Pakistan's first digital marketplace dedicated to Islamic investments. Its offering spans Sukuk structuring, equity screening, Halal certification, Zakat advisory, private equity placement, and corporate training in Islamic finance.

Product overview

Al Hilal Securities Advisors operates as a comprehensive Islamic finance advisory platform offering a portfolio of interconnected services. The core offerings include Shariah Advisory Services and Investment Advisory, complemented by the digital platform Hilal Invest (Pakistan's first digital marketplace for Islamic investments). Supporting modules include Capital Market Advisory, Sukuk Advisory & Structuring, Equity Investment Screening, Shariah Audit & Advisory, Halal Food Certification, and Zakat Advisory for specialized compliance needs. Investment-related services encompass Mutual Fund Distribution, Securities and Portfolio Advisory, Private Equity and Fund Raising, Corporate Fund Placement, Employee Funds Management, and Private Finance. Education and capacity building are addressed through Capacity Building and Training and Corporate Trainings programs. The ecosystem is supported by a Shariah Supervisory Council comprising certified scholars, positioning the firm as a one-stop destination for businesses, financial institutions, and individuals seeking Shariah-compliant solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Hilal Invest: Pakistan's first digital marketplace dedicated to Islamic investments, enabling investment in diverse range of Shariah-compliant mutual funds from leading asset management companies in Pakistan.

Products and services

• Shariah Advisory Services Comprehensive Shariah advisory services for financial institutions, corporates, and other organizations, covering Shariah audits, product structuring (Islamic banking, Islamic funds, takaful, fintech), Shariah governance frameworks, Shariah conversions, Halal certification, and Zakat advisory.
• Investment Advisory Investment advisory services covering Shariah-compliant mutual fund distribution, equity portfolio advisory, securities and portfolio advisory, private equity and debt advisory, corporate fund placement, employee funds management, and private finance advisory.
• Hilal Invest Pakistan's first digital marketplace dedicated to Islamic investments, enabling investors to access Shariah-compliant mutual funds from leading asset management companies through digital and physical channels.
• Capital Market Advisory Advisory services for Islamic investment funds operating under Shariah principles, covering fund constitution agreements, asset classes invested, and capital structure considerations.
• Sukuk Advisory & Structuring Development and execution of Sukuk (Islamic bond) transactions to meet funding objectives, incorporating both commercial and Shariah considerations into proposed structures for corporates and financial institutions.
• Equity Investment Screening Screening of investment avenues for Shariah compliance, including periodic review of investments, compliance screening, and identification of purification amounts across PSX, GCC, and global markets.
• Shariah Audit & Advisory Regular review of transactions, products, and financial statements to ensure compliance with Shariah directives, including issuing compliance reports and identifying operational gaps for clients.
• Halal Food Certification Certification services ensuring products meet Islamic dietary standards, including setup, implementation, and maintenance of Halal Assurance Systems for food and consumer products companies.
• Zakat Advisory Advisory services for hospitals, welfare foundations, and charitable trusts to develop and implement Shariah compliance mechanisms for Zakat and charity collection and utilization.
• Mutual Fund Distribution Facilitating the sale and distribution of Shariah-compliant mutual funds from nearly all asset management companies in Pakistan through physical, digital channels, and direct sales.
• Securities and Portfolio Advisory Expert guidance on selection, management, and optimization of investment portfolios, including market trend analysis, investment opportunity identification, and risk management for investors seeking Shariah-compliant exposure.
• Private Equity and Fund Raising Specialized private equity and fundraising services engaging in investment and management of privately-held companies while raising capital aligned with Shariah principles.
• Corporate Fund Placement Assisting corporations in raising capital by placing securities such as Sukuks and shares with institutional or individual investors through private placements or public offerings.
• Employee Funds Management Management of investment funds for employees including retirement plans, ESOPs, and benefit schemes, with Shariah compliance and facilitation of switching to voluntary pension schemes.
• Private Finance Advisory services for SMEs tailored to access Shariah-compliant working capital financing, covering fundraising through efficient disbursal of funds.
• Capacity Building and Training Comprehensive educational programs, workshops, and resources for enhancing financial literacy and capabilities related to investment management and financial decision-making.
• Shariah Compliant Transaction Structuring and Advisory Structuring financial transactions in accordance with Shariah principles, ensuring compliance with Islamic law regarding interest (riba), uncertainty (gharar), and other prohibitions for private equity and debt transactions.
• Corporate Trainings Specialized training in Islamic finance and Shariah compliance designed to equip corporate participants with foundational knowledge and practical skills for Islamic financial markets.

Quantifiable outcome

• 80% market share in Sukuk advisory in Pakistan
• +3 more outcomes

Named customers17 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core.

• Alfalah InvestmentscoreOthersBusiness partnership for Shariah-compliant investment solutions. Alfalah Investments offers Islamic funds that align with Al Hilal's advisory standards.
• MCB FundscoreOthersPartnership for mutual fund distribution and Shariah-compliant investment offerings under MCB's investment management arm.
• AKDcoreOthersLong-standing partnership with AKD group including securities and investment management companies for Islamic finance advisory.
• UBL Fund ManagerscoreOthersStrategic partnership for distribution of Shariah-compliant mutual funds and investment advisory services.
• Al Meezan InvestmentscoreOthersPartnership with Pakistan's leading Islamic asset manager for Shariah-compliant fund advisory and distribution.

Scale indicators4 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Shariyah Review Bureau (SRB): Dubai-based Shariah advisory firm providing Shariah reviews, Shariah audits, and product certification for Islamic financial institutions globally. Directly comparable to Al Hilal as a Shariah governance and advisory specialist serving banks, asset managers, and corporates.
• Dar Al Sharia: UAE-based Shariah advisory and consultancy offering Shariah audits, product structuring, and Fatwa services. Comparable in scope to Al Hilal's Shariah advisory, audit, and Sukuk structuring services, with a broader GCC client footprint.
• Ideal Ratings: Provides Shariah screening of equities, Sukuk, and funds, plus ESG and other investment-adjacent data services. Direct overlap with Al Hilal's equity investment screening and Shariah compliance service lines.
• IFAAS (Islamic Finance Advisory & Assurance Services): Bahrain-headquartered firm providing AAOIFI-aligned Shariah advisory, audit, and assurance services to Islamic financial institutions. Overlaps directly with Al Hilal's Shariah audit, compliance, and product certification work.

Emerging players

• Saturna Capital (Amana Mutual Funds): US-based asset manager running Shariah-compliant mutual funds (Amana Funds), with a digital distribution model. Comparable to Al Hilal's Hilal Invest mutual fund distribution and Shariah screening functions, but in a different geography.
• Wahed Invest: Global digital Islamic wealth management platform offering Shariah-compliant portfolios. Comparable to Hilal Invest as a digital distribution channel for Islamic investments, though operating internationally rather than in Pakistan.

Broad incumbents

• Deloitte Islamic Finance Practice: Big Four firm with a global Islamic Finance team advising on Shariah structuring, governance, and audit. Comparable at the upper end of the market where clients may prefer a global brand over a specialist.
• KPMG Islamic Finance Practice: Global professional services firm with a dedicated Islamic Finance practice offering advisory, audit, and tax services for Shariah-compliant institutions. A broader incumbent alternative for clients seeking Shariah advisory at scale.

Others

• AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions): Bahrain-based standard-setting body for the Islamic finance industry, whose Shariah standards Al Hilal follows. A non-competing ecosystem participant whose framework defines the technical rules for Al Hilal's advisory work.

Regional players

• Shariya Advisors: India-based Islamic finance advisory firm providing Shariah screening, audits, and product certification. A regional (South Asia) peer operating in a different geography but with a comparable service mix to Al Hilal.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@HilalInvest
• Facebookfacebook.com/hilalinvest
• LinkedInlinkedin.com/company/hilal-invest
• Instagraminstagram.com/hilal_invest

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Al Hilal Securities Advisors