September 19, 2023 (MLN): In a very exciting development for the Pakistan Stock Exchange (PSX), PSX has been awarded the Best Islamic Stock Exchange Award 2023 by the Global Islamic Finance Awards (GIFA), according to a press release issued by the local bourse.
This is the third consecutive year in which PSX has been awarded this prestigious accolade.
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 & finance and for commitment to social responsibility.
Speaking at the occasion, the PSX MD & CEO, Mr. Farrukh H. Khan, stated, “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.”
“We are honored by GIFA for recognizing us for our commitment to providing excellence in Islamic finance products, offerings, and regulatory enhancements,” he added.
He further stated that PSX is a robust and strong platform for Shariah-compliant products and capital raising.
PSX has over 251 Shariah-compliant companies listed, making up over 65% of the market cap.
This creates a great opportunity for investors to put their money into Islamic financial offerings and for financial institutions to develop new products like Sukuks, Sharia-compliant mutual funds, modarabas, ETFs, and more.
These products can help corporates and the GoP raise funds from the capital markets.
It is with the support and guidance of the SECP, the PSX board, and the management team that the local domestic equity market has been able to receive this distinctive accolade.
