KARACHI: The Pakistan Stock Exchange (PSX) hosted a delegation of eminent Malaysian Sharia scholars and professionals, strengthening bilateral collaboration in Islamic finance and capital markets.
The delegation was welcomed through a traditional gong ceremony at the PSX. It included prominent Sharia advisors such as Ahmad Hizzam Baharuddin, Amir Bin Shaharuddin, and others from Malaysia’s Islamic finance sector.
Chairperson of PSX Dr Shamshad Akhtar, alongside MD and CEO of PSX Farrukh H Sabzwari; CEO of CDC Badiuddin Akber; Deputy CEO of NCCPL Imran Ahmed Khan; and Chairperson of PMEX Farrukh Ansari greeted the guests. Senior PSX officials and members of the PSX Sharia Focus Group were also present.
Dr Akhtar acknowledged Malaysia’s leadership in Islamic finance and noted Pakistan’s growing demand for Sharia-compliant investments. “Over 50 per cent of listed companies on the PSX are Sharia-compliant,” she said. “With offerings including Sukuk, Islamic mutual funds, and ETFs, the PSX provides a strong platform for faith-based investments.”
She highlighted that Pakistan has issued over Rs6.5 trillion in Ijarah Sukuk since 2008, underscoring the sector’s continued growth and regulatory support.Head of Islamic Finance at SECP Tariq Naseem briefed the delegation on regulatory reforms and market developments in Pakistan’s Islamic finance sector. He emphasised the potential for enhanced cooperation between Malaysia and Pakistan in promoting global Islamic finance.
Sabzwari expressed hope for future collaboration, noting Malaysia’s expertise could help expand Pakistan’s investor base. “Only 0.14 per cent of Pakistan’s population currently invests in the capital market, compared to 1 percent in Bangladesh, highlighting untapped potential,” he remarked. He also stressed the importance of recent digitisation efforts to boost market participation.
About 80 per cent of daily transactions at the PSX are Sharia-compliant, Sabzwari noted, reflecting the market’s alignment with Islamic principles. He thanked Dr Akhtar for her leadership in advancing Islamic finance, particularly in introducing Sukuk to the Exchange.
Leaders from CDC, NCCPL and PMEX also shared insights into their contributions to the capital market ecosystem.
The event concluded with a reaffirmation of the PSX’s commitment to developing an inclusive and Sharia-compliant financial environment, in partnership with global stakeholders and guided by the PSX Shariah Focus Group.
