PSX wins best Islamic stock exchange award

KARACHI: Pakistan Stock Exchange (PSX) has been awarded the Best Islamic Stock Exchange Award 2021 by the Global Islamic Finance Awards (GIFA), a statement said on Tuesday.

GIFA is an internationally respected platform recognising excellence in banking and finance in the Islamic world. Since 2011, the awards have been presented to individuals, institutions and government departments for showing outstanding performance in promoting Islamic banking and finance.

PSX Chairperson Dr Shamshad Akhtar said, “The winning of this award endorses that PSX is heading in the right direction in terms of facilitating and providing Islamic capital market products and offerings. We intend to build on Islamic finance business at PSX, and ensure furthering PSX’s regulatory, operational, technological standards and products in providing diversified Islamic products and facilitating Shariah-compliant equity and debt listings.”

PSX MD Farrukh H Khan said, “Both PSX and Pakistan have been working for many years to introduce Islamic modes of financing, in both the banking and capital markets. This has filled a real need of the financial sector customers.”

Islamic financial products are the fastest growing in Pakistan, he said, adding that the PSX’s total market capital of Shariah-compliant companies of Rs4,770 billion made up 57 percent of the total market capital of all listed companies (as of June 30, 2021).