Daily Times

The Pakistan Stock Exchange (PSX) has won the Best Islamic Stock Exchange Award 2022, presented by Global Islamic Finance Awards (GIFA), for the second consecutive year. The GIFA is an internationally acclaimed platform recognizing 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 in terms of commitment to social responsibility.

According to PSX press statement issued on Thursday, the Managing Director and Chief Executive Officer (CEO) PSX, Farrukh H. Khan said the exchange was proud and honored 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,” he said while speaking on the occasion.

Khan said that with 252 Shariah-compliant companies making up more than 70 percent of the total market cap of all companies listed on the Stock 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. “Today, Islamic finance products are the fastest growing in Pakistan. Pakistan Stock Exchange has been working for many years to bring Islamic finance offerings on the capital markets of Pakistan,” he added.

He said, PSX provides a platform for financial institutions to create and bring new products and offerings including Sukuks, Shariah-compliant mutual funds, modarabas, ETFs and others. This Award, he said, was a recognition of excellence and achievement on part of PSX in offering Islamic finance products and offerings.

He thanked GIFA for bestowing the exchange with this honor which would not have been possible without the support of Securities and Exchange Commission of Pakistan (SECP), PSX board and the management team.