The Pakistan Stock Exchange (PSX) has achieved a great milestone! The PSX received the “Best Islamic Stock Exchange Award of 2023” from the Global Islamic Finance Awards (GIFA). This award is a big achievement, and what’s even more impressive is that it’s the third year in a row that PSX has won it.
So, what is GIFA? It’s a well-respected organization that gives out awards to recognize excellence in banking and finance, specifically in the Islamic world. They’ve been doing this since 2011 and reward individuals, organizations, and government departments worldwide that have done an outstanding job in promoting Islamic banking and finance while also being socially responsible.
Farrukh H. Khan, who is the Managing Director and CEO of PSX, is super proud of this achievement. He talked about how PSX is committed to providing top-notch Islamic finance products, services, and making sure everything is well regulated.
Khan also pointed out that PSX is a reliable place for Islamic finance. They have 251 companies that follow Islamic finance rules listed on PSX, and these companies make up more than 65 percent of the total market value. This means investors can easily get involved in Islamic financial products through PSX.
Plus, PSX helps financial institutions introduce new Islamic financial products like Sukuks, Shariah-compliant mutual funds, modarabas, ETFs, and more. These products help companies and the government raise money.
Khan made sure to thank GIFA for giving them this award and recognized that they couldn’t have done it without the support and guidance of the Securities and Exchange Commission of Pakistan (SECP), the PSX board, and the management team.