A joint delegation of Pakistan Stock Exchange and Mutual Funds Association of Pakistan called on the Federal Finance Minister Mohammad Ishaq Dar at FBR Headquarters in Islamabad.
The Pakistan Stock Exchange was represented by its MD/CEO Mr. Farrukh Hussain and Chief Financial Officer Mr. Ahmed Ali whereas Mr. Mir Adil and Mr. Arif Qadri represented Mutual Funds.
The Finance Minister was accompanied by Dr. Aisha Ghaus Pasha, Minister of State for Finance, Mr. Tariq Bajwa, Special Assistant to the Prime Minister on Finance, Mr. Tariq Mehmood Pasha, Special Assistant to the Prime Minister on Revenue, Mr. Ashfaq Tola Chairman Reforms and Resource Mobilization Commission (RRMC), Mr. Asim Ahmad Chairman Federal Board of Revenue and other senior officers from the Finance Ministry and Revenue Division. Governor State Bank Mr. Jameel Ahmad also attended the meeting.
During the meeting, representatives of Mutual Funds Association highlighted the growth of Sharia compliant mutual funds and proposed that short term Sharia compliant sukuk should be launched. They also proposed certain measures to be taken in the upcoming budget to promote mutual funds, said a press release issued here on Sunday.
Representatives of Pakistan Stock Exchange highlighted the erosion of market capitalisation over the last six years. They said that stock market is a highly documented segment and a major contributor to the national exchequer. They gave certain proposals to encourage people to invest in the stock market.
The Finance Minister expressed his concerns at the erosion of PSX index. He noted that PSX was at one time one of the best performing stock markets and assured the group that their concerns will be addressed and measures would be taken to encourage investment in Pakistan. He hoped that PSX would reverse the trend and once again become one of the top performing stock markets in the region.