April 18, 2025 (MLN): The Pakistan Stock Exchange (PSX) had the honor of welcoming a distinguished delegation of Malaysian Shariah scholars and professionals, emphasizing the shared commitment to advancing Islamic finance and fostering cross-border collaboration between Shariah-compliant capital markets.
Dr. Shamshad Akhtar extended a heartfelt welcome to the visiting dignitaries and acknowledged Malaysia’s pivotal role in shaping the global Islamic finance landscape.
She expressed optimism for stronger collaboration between the Islamic finance sectors of Malaysia and Pakistan, stating: “Pakistan is also witnessing a growing demand for Shariah-compliant investment avenues."
With over 50% of listed companies on the exchange being Shariah-compliant, PSX offers a compelling platform for faith-based investments, including equities, Sukuk, Islamic mutual funds, and ETFs.
Since launching its first Ijarah-based Sukuk in 2008, Pakistan has issued Ijarah Sukuk worth over Rs6.5 trillion as of August 2024.
The continued expansion of Islamic finance institutions, diversified asset classes, and investor-friendly regulatory frameworks are contributing to the sector’s momentum.”
Mr. Tariq Naseem, Head of Islamic Finance at SECP, provided an in-depth briefing to the Malaysian dignitaries on the progress and advancements in Islamic finance within Pakistan’s capital markets and non-bank financial sectors.
He highlighted regulatory reforms and development milestones in the Islamic financial services industry aimed at serving both local and international market needs.
The discussions also focused on enhancing collaboration between Malaysia and Pakistan in promoting Islamic finance globally.
In his address, Mr. Farrukh H. Sabzwari, Managing Director and CEO of PSX, warmly welcomed the Malaysian delegation and expressed a desire to learn from Malaysia’s expertise in Islamic finance for the further advancement of Pakistan’s capital market.
Highlighting Pakistan's capital market dynamics, Mr. Sabzwari noted that only 0.14% of Pakistan’s population currently constitutes the investor base, compared to 1% in Bangladesh, pointing to vast untapped potential.
He also mentioned ongoing efforts by regulators to digitize market processes, thus encouraging broader investor participation, as per teh press release.
Mr. Sabzwari provided an overview of Pakistan’s economy and the workings of PSX, noting that approximately 80% of daily transactions on the exchange are Shariah-compliant.
He also expressed gratitude to the PSX Chairperson for her instrumental role in introducing Sukuk to the exchange.
Other key stakeholders of the capital market Mr. Badiuddin Akber (CEO CDC), Mr. Imran Ahmed Khan (Deputy CEO NCCPL), and Mr. Farrukh Ansari (Chairman PMEX) also spoke at the event.
They highlighted the essential contributions of their respective institutions to the financial ecosystem.
A Gong Ceremony was held to formally welcome the esteemed guests.
The Malaysian delegation included renowned Shariah advisors and professionals: Mr. Ahmad Hizzam Baharuddin, Mr. Amir Bin Shaharuddin, Mr. Mohd Hamidullah Che Hassan, Mr. Muhamad Fuad Bin Abdullah, Mr. Wan Abdul Fattah Bin Wan Ismail, Ms. Nur Azizah Binti Che Abdul Aziz, Mr. Mohd Bahroddin Bin Mohd Badri, and Mr. Mohd Shahmir Bin Shahrin.
Other members were Mr. Muhammad Farhan Bin Mohd Rozdi, Mr. ZakirUllah Bin Mohamed Shaarani, Mr. Muhammad Arif Arsyad Bin Suhaili, Mr. Azlan Bin Abdul Samad, Mr. Muhammad Izzam Bin Mohd Khazar, Mr. Wan Ahmad Syafiq Bin Wan Ahmad Ikram, Mr. Muhammad Rahimi Bin Osman, and Mr. Mohammad Shidek Bin Nazaran.
The delegation was warmly received by Dr. Shamshad Akhtar, Chairperson PSX; Mr. Farrukh H. Sabzwari, MD & CEO PSX; Mr. Badiuddin Akber, CEO CDC; Mr. Imran Ahmed Khan, Deputy CEO NCCPL; Mr. Farrukh Ansari, Chairman PMEX; along with senior members of PSX management and representatives of the PSX Shariah Focus Group.
Concluding the event, the PSX management reaffirmed the Exchange’s commitment to building a robust Shariah-compliant capital market.
They also recognized the ongoing efforts of the PSX Shariah Focus Group a multi-stakeholder platform comprising industry leaders, Shariah scholars, and financial experts dedicated to fostering an inclusive, faith-based financial system.
Copyright Mettis Link News
Posted on: 2025-04-18T10:00:27+05:00
