Shariah-compliant products: PSX focus group to enhance accessibility

KARACHI: The Pakistan Stock Exchange (PSX) established a Shariah Focus Group in December 2023 to further the objective of meeting the financial preferences of its diverse investor base.

This pioneering Group comprises distinguished Shariah scholars from various schools of thought, practitioners of Islamic financing, capital market experts, and industry professionals, who are united to enhance the accessibility and advisory of Shariah-compliant financial products for investors.

This inclusive composition of the Group ensures that the perspectives and principles of each school of thought are respected and incorporated into the development of investment products.

After a meeting held by the Shariah Focus Group on October 21, 2024, Dr. Fakhara Rizwan (PSX’s Company Secretary), said, “By bringing together renowned Shariah scholars and capital market professionals, we are confident that this initiative will pave the way for enhanced investment options that not only meet the needs of Shariah-compliant investors but also contribute to a more dynamic and robust capital market”.

As the national stock exchange of the country, the Pakistan Stock Exchange is cognizant of the investment needs of Pakistan, a nation with a predominantly Muslim population. PSX’s broader strategy is to contribute to the growth and development of Pakistan’s economy by accommodating the financial preferences of its diverse investor base. By working together with Shariah scholars, Islamic financing practitioners, and capital market professionals, PSX has enhanced its ability to meet the financial and investment needs of its investors with diverse investment preferences in terms of their principles and schools of thought.

Copyright Business Recorder, 2024