Hayat & Noorwala, Advocates, Legal Advisors & Consultants

11/02/2026

Recent PODCast hosted by Digital Pakistan, Islamabad, participated by Partner of the Firm, Muhammad Aslam Hayat.

Digital Pakistan brought together leading telecom experts and industry stakeholders for an in-depth discussion on Pakistan’s upcoming spectrum auction. The s...

23/09/2025

Aslam Hayat's views during a roundtable on “Building a Risk-Responsive AI Governance Framework for Pakistan” where he was invited by P@SHA (Pakistan Software House Association) for his specialist views and suggestions on the subject. The Clip refers to his views on what is "spectrum" and what it used to be in nascent days in the country.

What is Spectrum? Explained in Simple Words | We News WE News- وی نیوزFor Urdu News & Videos Visit: https://wenews.pkWE News ...

23/09/2025

26/10/2021

Islamabad office at Giga Mall is functional now

14/05/2021

Eid Mubarak dear members :)

22/03/2021

My article on renewal of mobile cellular operators. It is an opportunity to correct some anomalies in the cellular framework to make the sector more efficient and robust. If these anomalies are not addressed in the current renewal process, these would be haunting the industry for another 15 years.

The licenses of three mobile cellular operators are under process for renewal and it is an opportunity to correct some anomalies in the cellular framework to make the sector more efficient and robust. If these anomalies are not addressed in the...

08/03/2021

An expert view!

The government has recently issued a policy directive on the long-awaited issue of Right of Way . This was one of the pillars of the deregulation of telecom sector in Pakistan and single most painful roadblock in building the digital...

08/03/2021

Our article on Right of Way Policy

The defeat of Finance Minister Abdul Hafiz Sheikh in the senate elections at the hands of joint opposition candidate and former prime minister Yusuf...

19/03/2015

The Issue of Sukuk Regulations, 2015 have been notified by the Securities and Exchange Commission of Pakistan (SECP) as enacted. The regulations apply to all issues of Sukuk by any company, Special Purpose Vehicle or body corporate, to the general public or a section of public or to the existing security holders of the issuing company or to the Qualified Institutional Buyers. Exempted are issues of Sukuk by any company, a Special Purpose Vehicle or body corporate specifically setup for the purposes of issue of Sukuk by the Federal Government or any Provincial Government under any other law.

“Sukuk”, briefly, is an instrument of equal value representing undivided share in the ownership of identified tangible assets, usufruct and services or in the ownership of the assets of particular projects or special investment activity of the issuer, approved by the Shariah Advisor.

There are numerous conditions prescribed for the issuer to fulfill, including appointment of a Shariah Advisor, obtaining from it Shariah Pronouncement ascertaining its structural conformity with the principles of Shariah. In addition, certain disclosure requirements to SECP and public, financial reporting, accounting treatment and Shariah compliance audit are also prescribed. Breach of regulations attracts disciplinary proceedings which may include penalty, recalling of the Sukuk, and taking of corrective measures as directed by SECP.

[Source: SLUS]