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Pakistan Stock Exchange wins Best Islamic Stock Exchange Award 2021
A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

Pakistan Stock Exchange wins Best Islamic Stock Exchange Award 2021

KARACHI: The Pakistan Stock Exchange (PSX) has bagged the Best Islamic Stock Exchange Award 2021 by Global Islamic Finance Awards (GIFA).

According to a statement, GIFA is an international platform that recognises excellence in banking and finance in the Islamic world.

“PSX has a robust platform for providing Shariah-compliant products including dedicated Islamic indices, Shariah-compliant equities and debt instruments,” the statement read.

The stock market has listed Modarabas and Islamic commercial banks as well as products such as Islamic Mutual Funds and an ETF.

It boasts of the total listed capital of Shariah-compliant companies of Rs770 Billion as of June 30, 2021, making up 53% of the total listed capital of all listed companies.

Speaking on the occasion, PSX Chairperson Dr Shamshad Akhtar said: “It is an immense achievement for Pakistan Stock Exchange to have won the Best Islamic Stock Exchange Award 2021 presented by Global Islamic Finance Awards.”

“Islamic equity and debt products form a large portion of the demand in international capital markets,” she said, adding that the stock market winning this accolade shows that it is a premium platform for listing and investing of Islamic capital market products.

Sharing plans for the stock market: “We intend to build on Islamic finance business at PSX, and ensure furthering PSX’s regulatory, operational, technological standards and products in providing diversified Islamic products and facilitating Shariah-compliant equity and debt listings.”

Endorsing her views, PSX Managing Director Farrukh H Khan added: “This award is a recognition not just for Pakistan Stock Exchange’s standing in the world of Islamic finance but for Pakistan as well.”

“Both PSX and Pakistan have been working for many years to introduce Islamic modes of financing, in both the banking and capital markets. This has filled a real need of the financial sector customers,” he maintained.

The managing director was of the view that currently, Islamic financial products are the fastest growing in Pakistan.

This award has been presented to the Pakistan Stock Exchange for the first time in the 10-year history of GIFA, and hence, is considered as an international vote of confidence in PSX as a robust and active bourse, facilitating all types of companies and investors – whether Shariah-compliant or otherwise.