PSX’s gong ceremony welcomes delegates of Int’l Islamic Capital Market Conference

KARACHI: Pakistan Stock Exchange (PSX) proudly hosted a Gong Ceremony on Wednesday to welcome the distinguished delegates of the 2nd International Islamic Capital Market Conference & Expo 2024, themed “From Tech Transformation to Realizing Sustainability: Building an Inclusive Islamic Capital Market.”

The conference is being held in Karachi on December 12, 2024.

The ceremony was graced by distinguished global leaders from Islamic finance, including Dr Sami Al Suwailem Acting Director General of the Islamic Development Bank Institute (IsDBI) and Chief Economist of the Islamic Development Bank Group; Dr Emomotimi Agama, Director General of the Securities and Exchange Commission of Nigeria & Dr Mahmut Aydogmus Director International Relations Borsa Istanbul.

Apart from the foreign dignitaries, Chairman SECP Akif Saeed, Chairperson PSX Dr Shamshad Akhtar, MD & CEO PSX Farrukh H Sabzwari, PSX Board Members and its management, representatives of state regulatory organisations, members of brokerage & Islamic finance fraternity also graced the occasion, underscoring the event’s global significance.

Dr Shamshad Akhtar, Chairperson of PSX, welcoming the delegates, said the Islamic finance industry in Pakistan had witnessed remarkable growth in assets and popularity.

“Our journey began modestly, yet today, we boast a dynamic and fully operational Islamic banking sector. Our capital market reflects this growth, offering a wide array of Shariah-compliant financial products, including Islamic equities, Sukuk, and exchange-traded funds,” she added.

She said the 26th Constitutional Amendment to eliminate Riba and the Federal Shariah Court’s historic judgment have set the stage for Pakistan to reach its true potential as a global leader in Islamic financial services.

“PSX take pride in contributions to advancing Islamic finance and PSX efforts have earned global recognition, with PSX receiving the GIFA Award for Best Islamic Stock Exchange for three consecutive years,” she mentioned.

With an impressive over 7.5 percent annualized USD return in the past 5 years, Pakistan has emerged as one of the top three Asian markets, playing a significant role in the global Islamic finance sector, she informed.

Chairman SECP, Akif Saeed welcomed the delegates and spoke on the occasion. He said “the gong for the international delegates is a message from Pakistan to Islamic finance. The soul of Islamic finance is the welfare of the society.”

On the occasion, Dr Sami Al Suwailem, Dr Emomotimi Agama, Director General of the Securities and Exchange Commission of Nigeria, Dr Mahmut Aydogmus Director International Relations Borsa Istanbul also spoke.

Farrukh H Sabzwari, MD & CEO of PSX, said “the presence of distinguished dignitaries and guests at the gong ceremony highlights the critical role Islamic finance plays in shaping the future of global capital markets.”

“At PSX, we are trying to ascertain what takes for the general population to know this big capital market space called PSX, so aspects on Islamic finance & sustainability need to be put in a box for educational awareness to help increase UINs,” he added.

The conference, co-hosted by AAOIFI and IsDBI, will feature over 20 international experts from Bahrain, Saudi Arabia, Malaysia, Turkiye and the UK, among others. A pre-conference workshop, Gong ceremony at the Pakistan Stock Exchange, and an Islamic Finance Exhibition displaying 38 leading institutions complement the main event. Discussions will focus on challenges and opportunities in creating sustainable and inclusive Islamic capital markets.

Copyright Business Recorder, 2024