The Pakistan Stock Exchange (PSX) has achieved a significant milestone by receiving the prestigious Best Islamic Stock Exchange Award 2023 from the Global Islamic Finance Awards (GIFA). This recognition is particularly noteworthy as it marks the third consecutive year that PSX has been honored with this esteemed award.
GIFA is a globally respected platform that acknowledges excellence in the field of banking and finance within the Islamic world. Since its establishment in 2011, GIFA has been granting awards to individuals, institutions, and government departments worldwide that have demonstrated exceptional performance in promoting Islamic banking and finance while upholding a commitment to social responsibility.
Farrukh H. Khan, the Managing Director and CEO of PSX, expressed his pride in receiving the Global Islamic Finance Award for the third year in a row from GIFA. He emphasized PSX’s dedication to delivering excellence in Islamic finance products, services, and regulatory improvements.
Khan highlighted that PSX serves as a strong and dependable platform for Shariah-compliant products and capital raising. With a total of 251 Shariah-compliant companies listed on PSX, representing more than 65 percent of the total market capitalization, PSX provides an excellent avenue for investors to participate in Islamic financial products.
It also enables financial institutions to introduce new products like Sukuks, Shariah-compliant mutual funds, modarabas, ETFs, and others, which facilitate capital raising for corporations and the government.
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.
