The Pakistan Stock Exchange (PSX) has been named the best Islamic stock exchange for the year 2021 by the Global Islamic Finance Awards (GIFA). PSX provides a strong platform for offering Shariah-compliant products, such as dedicated Islamic indexes, stocks, and debt securities.
“This award is an acknowledgment not only for Pakistan Stock Exchange’s prominence in the world of Islamic finance but also for Pakistan,” said PSX CEO Farrukh H Khan. According to him, Islamic financial products are the fastest-growing in Pakistan, with the PSX’s total market capital of Rs4,770 billion accounting for 57 percent of all listed businesses’ total market capital (as of June 30, 2021).
“For many years, both PSX and Pakistan have worked to implement Islamic means of financing in the banking and financial markets. This has met a genuine need among financial industry clients,” he stated.
According to the statement, “PSX offers a sophisticated platform for supplying Shariah-compliant products, including dedicated Islamic indexes, Shariah-compliant stocks, and Shariah-compliant debt instruments.”
“It is an enormous success for Pakistan Stock Exchange to have won the Best Islamic Stock Exchange Award 2021 granted by Global Islamic Finance Awards,” said PSX Chairperson Dr. Shamshad Akhtar.
“We plan to expand PSX’s Islamic finance business and ensure that PSX’s regulatory, operational, technological, and product standards and products are furthered in delivering diversified Islamic products and facilitating Shariah-compliant equity and debt listings.”
“Islamic equity and debt products account for a significant share of demand in worldwide capital markets,” she said, adding that the stock market’s triumph demonstrates that it is a premier venue for listing and investing in Islamic capital market products.
“This award is an acknowledgment not only for Pakistan Stock Exchange’s prominence in the world of Islamic finance but also for Pakistan,” said PSX CEO Farrukh H Khan.