KARACHI – Pakistan Stock Exchange (PSX) Tuesday won Global Islamic Finance Award 2021 for “Best Islamic Stock Exchange” for its outstanding achievements in the field of Islamic finance.
GIFA is an international forum that recognises governments, institutions and individuals who have exhibited outstanding achievements in their respective fields, contributing to the sustainability of Islamic banking and finance as a viable system within the global international financial architecture.
The platform launched the award in 2011 and it is for the first time that Pakistan has won it.
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.
“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,” she added.
PSX Managing Director Farrukh H Khan said: “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 PSX CEO said that currently, Islamic financial products are the fastest growing in Pakistan.