Pakistan Stock Exchange (PSX) welcomed a delegation from the Scientific Foundation for Financial Transactions (SFFT) Iraq to strengthen cooperation in Islamic finance. The meeting focused on enhancing Islamic capital markets and fostering financial innovation.
Strengthening Ties in Islamic Finance
A high-level Iraqi delegation of scholars visited the PSX to explore opportunities in Islamic finance. SFFT, a prominent Iraqi research institute specializing in financial transactions, aims to leverage Pakistan’s expertise in this sector. The delegation, facilitated by the Al-Sadiq (AS) Institute Karachi, included Ayatollah Syed Izz-al-Din-Ai-Hakim, Allama Syed Ahmed Ezz-El-Din-El-Hakim, and other distinguished scholars.
Focus on Capital Market Development
During the meeting, PSX’s MD and CEO Farrukh H. Sabzwari, along with senior management and Shariah Focus Group members, provided an in-depth overview of Pakistan’s capital market. Discussions covered key areas such as the debt market, equity segments, listing options on the Main and GEM boards, and strategies for capacity-building.
The Iraqi scholars showed keen interest in Pakistan’s successful Islamic finance models. With nearly 50% of Iraqi banks operating on Islamic principles and the sector witnessing significant growth—from 200 billion to a trillion dinars in six years—they recognized immense potential for collaboration.
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Mutual Learning and Innovation
Both sides emphasized the importance of joint efforts in developing Islamic financial products. The delegation highlighted how collaboration could help Iraq strengthen its capital market. They expressed appreciation for PSX’s hospitality and valuable insights.
One of the scholars noted, “Pakistan has successfully integrated Islamic finance into its capital market. Learning from this experience will help Iraq achieve similar progress.”
Expanding Investment Opportunities
The discussions also explored investment avenues such as exchange-traded funds (ETFs), sukuk (Islamic bonds), and specialized financial products. By working together, Pakistan and Iraq can create innovative financial solutions tailored to Islamic finance principles.
Mr. Sabzwari expressed optimism about future partnerships. “Our talks have opened new possibilities in debt markets, equity, and specialized boards. By focusing on capacity building and innovation, both markets will benefit,” he said.
Building a Stronger Future
This visit marks a step forward in financial cooperation between Pakistan and Iraq. Strengthening Islamic finance will not only boost bilateral economic ties but also create new growth opportunities for investors. Both nations are committed to working together to advance their capital markets.
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