Over 50% PSX Listed Companies Are Shariah-Compliant

Pakistan Stock Exchange (PSX) had the honor of welcoming a distinguished delegation of Malaysian Shariah Scholars and professionals, laying emphasis on the shared commitment to advance Islamic finance and foster cross-border collaboration between Shariah-compliant capital markets. The delegation was warmly welcomed by Dr. Shamshad Akhtar, Chairperson PSX; Farrukh H. Sabzwari, MD & CEO PSX; Badiuddin Akber, CEO CDC; Imran Ahmed Khan, Deputy CEO NCCPL; Farrukh Ansari, Chairman PMEX; along with senior members of PSX management and representatives of the PSX Shariah Focus Group. Dr. Shamshad Akhtar extended a heartfelt welcome to the visiting dignitaries and recognized Malaysia’s pivotal role in shaping the global Islamic finance landscape. She expressed hope for greater collaboration between the Islamic finance sectors of Malaysia and Pakistan, stating, Tariq Naseem, Head of Islamic Finance at SECP, provided an in-depth briefing to the visiting dignitaries from Malaysia regarding the progress and advancements in Islamic finance within Pakistan’s capital markets and non-bank financial sectors. He presented significant accomplishments in regulatory reforms and the developments in the Islamic financial services industry as a result, to cater to both local and international market needs. The discussion also addressed the potential for enhanced collaboration between Malaysia and Pakistan in promoting Islamic finance on a global platform. Farrukh H. Sabzwari, Managing Director and CEO of the Pakistan Stock Exchange, warmly welcomed the Malaysian delegation during his address and expressed his aspiration to benefit from Malaysia’s expertise in Islamic finance for the advancement of Pakistan’s capital market. While discussing the Pakistani capital market, Sabzwari highlighted that only 0.14 percent of Pakistan’s population constitutes the investor base, compared to 1 percent in Bangladesh, underscoring the significant potential for growth. He noted that regulators have recently been working diligently to digitize market processes, thereby creating increased opportunities for investor participation. In his remarks, Sabzwari provided an overview of Pakistan’s economy and the operations of PSX, emphasizing that approximately 80 percent of daily transactions at PSX are Sharia-compliant. He also expressed his gratitude to the Chairperson of PSX for her role in introducing Sukuk to the exchange. Key stakeholders of the capital market—Badiuddin Akber (CEO CDC), Imran Ahmed Khan (Deputy CEO NCCPL), and Farrukh Ansari (Chairman PMEX)—also addressed the gathering, highlighting the essential roles their institutions play in the overall ecosystem. Concluding the event, PSX management reaffirmed the Exchange’s dedication to building a robust Shariah-compliant capital market while highlighting the efforts of the PSX Shariah Focus Group—a multi-stakeholder platform comprising industry leaders, Shariah scholars, and financial experts—working collectively to foster an inclusive, faith-based financial system. A Gong Ceremony was held to welcome the distinguished guests. The Malaysian delegation comprised eminent Shariah advisors and professionals, including Ahmad Hizzam Baharuddin, Amir Bin Shaharuddin, Mohd Hamidullah Che Hassan, Muhamad Fuad Bin Abdullah, Wan Abdul Fattah Bin Wan Ismail, Nur Azizah Binti Che Abdul Aziz, Mohd Bahroddin Bin Mohd Badri, Mohd Shahmir Bin Shahrin, Muhammad Farhan Bin Mohd Rozdi, ZakirUllah Bin Mohamed Shaarani, Muhammad Arif Arsyad Bin Suhaili, Azlan Bin Abdul Samad, Muhammad Izzam Bin Mohd Khazar, Wan Ahmad Syafiq Bin Wan Ahmad Ikram, Muhammad Rahimi Bin Osman, and Mohammad Shidek Bin Nazaran.