Malaysian Shariah scholars, Islamic finance professionals visit PSX

KARACHI: A high-level delegation comprising Malaysian Shariah scholars and Islamic finance professionals visited the Pakistan Stock Exchange (PSX) on Thursday, underscoring a shared commitment to advancing Islamic finance and enhancing cross-border collaboration between Shariah-compliant capital markets.

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.

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 said Pakistan is also witnessing a growing demand for Shariah-compliant investment avenues. With over 50 percent of listed companies on the exchange being Shariah-compliant, PSX offers a compelling platform for faith-based investments, including equities, Sukuk, Islamic mutual funds, and ETFs.

Since launching its first Ijarah-based Sukuk in 2008, Pakistan has issued Ijarah Sukuk worth over PKR 6.5 trillion as of August 2024, she added.

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.

Farrukh H Sabzwari, Managing Director and CEO of the PSX, 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% of Pakistan’s population constitutes the investor base, compared to one percent in Bangladesh, underscoring the significant potential for growth.

In his remarks, Sabzwari provided an overview of Pakistan’s economy and the operations of PSX, emphasizing that approximately 80% 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.

Copyright Business Recorder, 2025