This study investigated the impact of covid-19 on the risk of Shariah-compliant non-financial firms listed on the Pakistan stock exchange. To analyze the risk of Shariah non-financial firms listed in Pakistan (PSE) before, during, and after the covid-19 pandemic. The study population contains all Shariah-complaint non-financial firms listed on (PSE) and remains registered during the study time lap. The sample of this study consists of 84 Shariah-complaint non-financial firms listed on the Pakistan stock exchange (PSE) and remains registered and operating during the study time lap. Secondary data was collected from the stock market monthly return. This study proposes to use monthly data covering the period from first Jan 2017 to 31 Dec 2022; we estimate the beta value by running the regression of each sector's monthly return on the respective PSX index returns for Shariah-complaint non-financial firms. The outcome of the entire three models is significant with Shariah-complaint firm's risk. Covid-19 and risk are a strong relationship as when changes occur in Covid-19, increasing or decreasing, it will affect the stock market return. Our analysis revealed that the pandemic had a significant favourable influence on the returns of Shariah-compliant firms in the FD final dataset and FC pre-COVID-19 models but a negative influence in the PC post-COVID-19 model. This finding may be attributed to government regulations, such as population shutdowns and market lockdown policies implemented for several weeks to control the pandemic's impact.

Key Words: Covid-19, Shariah Compliant Non-Financial Firms, Pandemic, Risk, Disaster