Pakistan Stock Exchange bags best Islamic bourse award, once again

PSX was given the honour by Global Islamic Finance Awards

By
Business Desk
An investor looking at the benchmark KSE-100 in this undated picture. — AFP/File
An investor looking at the benchmark KSE-100 in this undated picture. — AFP/File

KARACHI: For a third consecutive year, the Pakistan Stock Exchange (PSX) on Monday was awarded the Best Islamic Stock Exchange Award 2023 by the Global Islamic Finance Awards (GIFA). 

According to an official statement, GIFA — an internationally acclaimed platform recognising excellence in Islamic banking and finance — has been issuing the awards since 2011. 

As per the PSX since its inception, the awards have been “presented to individuals, institutions and government departments across the world who have shown outstanding performance in promoting Islamic banking and finance and for commitment to social responsibility”.

“The Pakistan Stock Exchange is very proud to have been presented the Global Islamic Finance Award for the third consecutive year by Global Islamic Finance Awards. We are honoured by GIFA for recognising us for our commitment to providing excellence in Islamic finance products, offerings and regulatory enhancements,” PSX MD and CEO Farrukh H Khan was quoted as saying.

The PSX MD added that the bourse is a “robust and strong platform for Shariah-compliant products and capital raising”.

“With an aggregate of 251 Shariah-compliant companies listed on PSX capturing more than 65% of the total market cap, the PSX provides an excellent platform for investors to channelise their funds into Islamic financial offerings and for financial institutions to create and bring new products, whether Sukuks, Shariah-compliant mutual funds, modarabas, ETFs and others to help corporates and GoP raise funds from the capital markets,” said Khan. He also thanked GIFA for the award.