KARACHI: The Pakistan Stock Exchange (PSX) was given the Best Islamic Stock Exchange Award 2023 by the Global Islamic Finance Awards (GIFA) on Monday for a third year in a row.
Pakistan Stock Exchange wins the title of best Islamic exchange once more
An official statement states that the awards have been given out since 2011 by GIFA, an internationally renowned platform that honors excellence in Islamic banking and finance.
Since the PSX’s founding, awards have been “presented to individuals, institutions and government departments throughout the world who have shown outstanding performance in promoting Islamic banking and finance and for commitment to social responsibility,” according to the PSX.
“The Global Islamic Finance Awards gave the Global Islamic Finance Award to the Pakistan Stock Exchange for the third year in a row, and we are quite proud of this accomplishment. PSX MD and CEO Farrukh H Khan was cited as stating, “We are honored by GIFA for recognizing us for our commitment to providing excellence in Islamic finance products, offerings, and regulatory upgrades.
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The market is a “robust and strong platform for Shariah-compliant products and capital raising,” the PSX MD continued.
“The PSX provides an excellent platform for investors to channel 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. Together, the 251 Shariah-compliant companies listed on the PSX account for more than 65% of the total market cap. In addition, he praised GIFA for the honor.
