PSX wins Islamic exchange award

KARACHI: The Pakistan Stock Exchange (PSX) has been awarded the Best Islamic Stock Exchange Award 2023 by the Global Islamic Finance Awards (GIFA), a statement said on Monday.

PSX has received this award for the third consecutive year by GIFA, which is an internationally acclaimed platform recognising excellence in banking and finance in the Islamic world.Since 2011, the awards have been presented to individuals, institutions and government departments across the world who have shown outstanding performance in promoting Islamic banking and finance and for commitment to social responsibility.

PSX MD and CEO Farrukh H Khan said the PSX is very proud to have been presented the GIFA award for the third consecutive year. “We are honoured by GIFA for recognising us for our commitment to providing excellence in Islamic finance products, offerings and regulatory enhancements.”

The PSX is a robust and strong platform for Shariah-compliant products and capital raising. With an aggregate of 251 Shariah-compliant companies listed on PSX capturing more than 65 percent of the total market cap, PSX provides an excellent platform for investors to channelise their funds into Islamic financial offerings.

It also allows financial institutions to create and bring new products, whether Sukuks, Shariah-compliant mutual funds, modarabas, ETFs and others to help corporates and the government raise funds from the capital markets, he added.