Karachi: The Pakistan Stock Exchange (PSX) hosted a Gong Ceremony to welcome delegates of the 2nd International Islamic Capital Market Conference & Expo 2024. The event, themed “From Tech Transformation to Realizing Sustainability,” is set to take place in Karachi on December 12, 2024.
The ceremony featured prominent global figures in Islamic finance, including Dr. Sami Al Suwailem, Acting Director General of the Islamic Development Bank Institute (IsDBI), Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission of Nigeria, and Dr. Mahmut Aydogmus, Director of International Relations at Borsa İstanbul. Key local participants included Chairman SECP Akif Saeed, Chairperson PSX Dr. Shamshad Akhtar, and MD/CEO PSX Farrukh H. Sabzwari.
Focus on Islamic Finance Growth
Chairperson PSX Dr. Shamshad Akhtar highlighted Pakistan’s progress in Islamic finance. She noted the industry’s growth, the availability of Shariah-compliant financial products, and landmark decisions like the 26th Constitutional Amendment to eliminate Riba.
“PSX has made strides in advancing Islamic finance, earning the GIFA Award for Best Islamic Stock Exchange for three consecutive years,” she said.
Global Perspectives on Islamic Finance
Dr. Sami Al Suwailem praised Pakistan’s leadership in Islamic banking. He emphasized the need for consistent efforts to build a resilient system for future generations.
Dr. Emomotimi Agama shared Nigeria’s success in adopting Islamic finance. “Islamic finance aligns with responsible investing and societal welfare,” he stated.
Dr. Mahmut Aydogmus from Borsa İstanbul reflected on the growing retail investor base and the benefits of Islamic finance in Türkiye.
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Islamic Finance’s Role in Capital Markets
MD/CEO PSX Farrukh H. Sabzwari underscored the need for public awareness about Islamic finance and its connection to sustainability. “Educational initiatives can bridge the gap and bring more investors into the market,” he said.
Chairman SECP Akif Saeed highlighted Islamic finance’s emphasis on societal welfare. He called on Sharia scholars to develop products aligned with Islamic principles.
Upcoming Conference and Expo
The conference, co-hosted by AAOIFI and IsDBI, will feature over 20 international experts from Bahrain, Saudi Arabia, Malaysia, Türkiye, and the UK. It includes workshops, an Islamic Finance Exhibition with 38 institutions, and discussions on integrating sustainability in Islamic capital markets.
The Gong Ceremony reinforced PSX’s commitment to promoting Islamic finance and creating sustainable, inclusive financial systems globally.
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