PSX wins best Islamic bourse award 2nd time

KARACHI: Pakistan Stock Exchange (PSX) has won the Best Islamic Stock Exchange Award 2022 presented by Global Islamic Finance Awards (GIFA), stated a press release on Thursday.

This is the second consecutive year GIFA has awarded the best Islamic bourse award to PSX.

GIFA 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 that have shown outstanding performance in promoting Islamic banking and finance and in terms of commitment to social responsibility.

Speaking at the occasion, PSX managing director and CEO Farrukh H. Khan stated that the exchange was proud and honoured to receive the award for the second consecutive year. “This is an endorsement of the strength and robustness of PSX in presenting a comprehensive suite of products, offerings and regulatory enhancements in the Islamic finance sector”.

With 252 Shariah-compliant companies making up more than 70 percent of the total market cap of all companies listed on the exchange, there was a strong presence of Shariah-compliant products on PSX catering to investors interested in investing and companies, as well as the government, in raising capital as per principles of Islamic finance, he added.

“Today, Islamic finance products are the fastest growing in Pakistan. PSX has been working for many years to bring Islamic finance offerings on the capital markets of Pakistan.”

Khan said PSX provided a platform for financial institutions to create and bring new products and offerings whether Sukuks, Shariah-compliant mutual funds, modarabas, ETFs and others. The award was recognition of excellence and achievement on part of the exchange in offering Islamic finance products and offerings, he stated.