PSX hosts gong ceremony to welcome delegates

KARACHI: The Pakistan Stock Exchange (PSX) hosted a gong ceremony on Wednesday to welcome global delegates for the second International Islamic Capital Market Conference & Expo 2024.

Themed ‘From Tech Transformation to Realising Sustainability: Building an Inclusive Islamic Capital Market’, the conference will take place in Karachi on December 12, 2024. The ceremony featured prominent figures in Islamic finance, including Acting Director General of the Islamic Development Bank Institute (IsDBI) and Chief Economist of the Islamic Development Bank Group Dr Sami Al Suwailem; Director General of the Securities and Exchange Commission of Nigeria Dr Emomotimi Agama; and Director of International Relations at Borsa Istanbul Dr Mahmut Aydogmus.

Other notable attendees included Chairperson of the SECP Akif Saeed; Chairperson of the PSX Dr Shamshad Akhtar; MD/CEO of the PSX Farrukh H Sabzwari; PSX board members; state regulators; brokerage professionals; and members of the Islamic finance community.

The conference aims to serve as a platform for policymakers, industry leaders and experts to explore technological innovation, ESG principles and ethical financial practices in building an inclusive and sustainable Islamic capital market.

Akhtar highlighted the growth of Islamic finance in Pakistan: “Pakistan now boasts a dynamic Islamic banking sector and a vibrant capital market offering Sharia-compliant products such as Islamic equities, sukuk and ETFs. Recent reforms, including the 26th constitutional amendment to eliminate ‘riba’ (interest) and the Federal Shariat Court’s judgment, position Pakistan as a potential global leader in Islamic financial services. At the PSX, we are proud to contribute to this progress, having earned international recognition as the Best Islamic Stock Exchange through the GIFA Award for three consecutive years.”

Akif Saeed pointed to the social responsibility of Islamic finance. “The gong for international delegates symbolises Pakistan’s commitment to Islamic finance, which prioritises societal welfare. Sharia scholars must continue developing products that align with Islamic teachings.”

Global leaders shared insights during the event. Dr Sami Al Suwailem praised the long-term journey of Islamic finance, commending Pakistan and Egypt for their pioneering efforts. Dr Agama highlighted the benefits of Islamic finance, describing it as a tool for responsible investing. Dr Aydogmus reflected on evolving market dynamics in Turkiye post-pandemic.

Sabzwari remarked, “The presence of these distinguished guests highlights the significance of Islamic finance in shaping global capital markets. At the PSX, we aim to educate people about Islamic finance and sustainability to increase awareness and participation.”

Co-hosted by AAOIFI and IsDBI, the conference will feature over 20 international experts from Bahrain, Saudi Arabia, Malaysia, Turkey and the UK. Events include a pre-conference workshop, an Islamic finance exhibition displaying 38 leading institutions, and discussions on building sustainable and inclusive Islamic capital markets.