By obtaining the esteemed Best Islamic Stock Exchange Award 2023 from the Global Islamic Finance Awards (GIFA), the Pakistan Stock Exchange (PSX) has accomplished a significant milestone. The fact that PSX has received this prestigious award for the third year running makes this acknowledgment all the more notable.
GIFA is a well-known platform that honors excellence in the Islamic world’s banking and finance sector. Since its founding in 2011, GIFA has given prizes to people, organizations, and government agencies from all around the world that have excelled in advancing Islamic banking and finance while upholding a commitment to social responsibility.
The managing director and CEO of PSX, Farrukh H. Khan, expressed his joy at earning the Global Islamic Finance Award from GIFA for the third consecutive year. He underscored PSX’s commitment to providing top-notch Islamic financial services, products, and regulatory advancements.
Khan emphasized that PSX provides a solid and reliable platform for capital raising and Shariah-compliant products. More than 65 percent of the market capitalisation is held by 251 Shariah-compliant companies listed on PSX, making it a great place for investors to invest in Islamic financial products.
Additionally, it enables financial institutions to launch fresh goods like Sukuks, Shariah-compliant mutual funds, modarabas, ETFs, and others that make it easier for businesses and the government to get finance.
He expressed gratitude to GIFA for bestowing this award and recognized that this achievement was made possible through the support and guidance of the Securities and Exchange Commission of Pakistan (SECP), the PSX board, and the management team.