PSX bags “Best Islamic Stock Exchange Award” for third time

September 19, 2023

In a momentous development for the Pakistan Stock Exchange (PSX), the exchange has once again clinched the prestigious Best Islamic Stock Exchange Award for 2023 from the Global Islamic Finance Awards (GIFA), as announced in a press release issued by the local bourse. This remarkable achievement marks the third consecutive year that PSX has received this esteemed accolade.

GIFA stands as an internationally renowned platform dedicated to recognizing excellence within the domain of banking and finance in the Islamic world. Since its inception in 2011, the GIFA Awards have been bestowed upon individuals, institutions, and government bodies worldwide that have demonstrated exceptional performance in advancing Islamic banking and finance principles and exhibited a profound commitment to social responsibility.

Addressing this significant occasion, Mr. Farrukh H. Khan, the Managing Director and CEO of PSX, expressed his sentiments, stating, “Pakistan Stock Exchange is very proud to have been presented the Global Islamic Finance Award for the third consecutive year by Global Islamic Finance Awards.” He further added, “We are honored by GIFA for recognizing us for our commitment to providing excellence in Islamic finance products, offerings, and regulatory enhancements.”

Mr. Khan emphasized PSX’s status as a robust and formidable platform for Shariah-compliant financial products and capital-raising endeavors. Currently, PSX boasts a roster of over 251 Shariah-compliant companies, constituting more than 65% of the market capitalization. This prevalence of Shariah-compliant entities offers a compelling opportunity for investors to engage with Islamic financial products, while financial institutions can explore innovative avenues such as Sukuks, Shariah-compliant mutual funds, modarabas, ETFs, and more.

These diverse Islamic financial instruments play a pivotal role in facilitating both corporations and the Government of Pakistan in raising funds from the capital markets, fostering economic growth and stability.

Mr. Khan acknowledged the instrumental role played by the Securities and Exchange Commission of Pakistan (SECP), the PSX board, and the dedicated management team in steering the local domestic equity market toward achieving this distinctive and prestigious accolade. Their collective efforts have not only earned recognition but have also strengthened the prominence of Islamic finance within the financial landscape of Pakistan.