PSX bags first Best Islamic Stock Exchange Award 2021

KARACHI – The Pakistan Stock Exchange (PSX) Tuesday achieved the Best Islamic Stock Exchange Award 2021 by Global Islamic Finance Awards (GIFA) for the first time.

GIFA is an international platform that recognises outstanding work in the field of Islamic banking and finance.

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

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

PSX Chairperson Dr Shamshad Akhtar while speaking on the occasion 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.”

PSX CEO 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.