The Pakistan Stock Exchange (PSX) won the Best Islamic Stock Exchange Award 2022, presented by Global Islamic Finance Awards (GIFA) this year.
GIFA – Global Islamic Finance Awards
The GIFA is an internationally recognized platform in banking and finance in the Islamic world. Moreover, GIFA is the only global Islamic finance awards program targeting all parts of the world. It pays special attention to all institutions and individuals contributing to Islamic banking and finance growth. GIFA has started to present excellence awards to different individuals, institutions, and government departments globally who have shown outstanding performance in promoting Islamic banking and finance since 2011.
PSX- Pakistan Stock Exchange wins the award for 2nd Year
It is the second consecutive year in which PSX received the best Islamic Stock Exchange Award.
PSX Chairperson Dr Shamshad Akhtar stated that PSX is proud and honored to receive this award. Certainly, PSX’s achievement shows that it is a premium platform for listing and investing in Islamic capital market products.
She added this award confirms that PSX is heading in the right direction in providing Islamic capital market products. “We intend to build on Islamic finance business at PSX. Besides, we will ensure furthering PSX’s regulatory, operational, technological standards and products in providing diversified Islamic products and facilitating shariah-compliant equity and debt listings.”
PSX currently provides different Shariah-compliant products, including Islamic indices, equities, and debt instruments.
PSX Managing Director and Chief Executive Officer Farrukh H. Khan stated that there is a strong presence of Shariah-compliant products on PSX. And these offerings are available for investors interested in investing and working with Islamic products. He also mentioned that 252 shariah-compliant stocks make up more than 70% of the market cap of all the companies listed on PSX.
He explained that Islamic finance products are the fastest growing in Pakistan now. Pakistan Stock Exchange has been working for many years to bring Islamic finance offerings to the capital markets of Pakistan. PSX offers a good platform for financial institutions to bring new Islamic products and offerings, including Sukuks, Shariah-compliant mutual funds, modarabas, ETFs, etc. Furthermore, the CEO remarked that this award was a recognition of excellence and achievement on the part of PSX in offering Islamic finance products and offerings. He also gratefully thanked the Securities and Exchange Commission of Pakistan (SECP), the PSX board, and the management team for their support in achieving this respected award.
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