News Desk
KARACHI: Pakistan Stock Exchange (PSX) proudly hosted a Gong Ceremony today 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 İstanbul. Apart from the foreign dignitaries, Chairman SECP Mr. Akif Saeed, Chairperson PSX Dr. Shamshad Akhtar, MD/CEO PSX Mr. Farrukh H. Sabzwari, PSX Board Members & its management, representatives of state regulatory organizations, members of brokerage & Islamic finance fraternity also graced the occasion, underscoring the event’s global significance.
The conference being held tomorrow aims to provide an excellent thought leadership platform for policymakers, industry experts, and thought leaders on integrating technological innovation and ethical financial practices to create a more inclusive and sustainable economic future, the conference will debate leveraging technology, incorporating ESG principles, and overcoming challenges unique to Islamic capital markets.
Dr. Shamshad Akhtar, Chairperson of PSX, welcoming the delegates, said, “The Islamic finance industry in Pakistan has 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. 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.
At PSX, we take pride in our contributions to advancing Islamic finance. Our efforts have earned global recognition, with PSX receiving the GIFA Award for Best Islamic Stock Exchange for three consecutive years. With an impressive over 7.5% annualised 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.”
Chairman SECP, Mr. 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. We have to learn from the world and be a part of it. Sharia scholars have a responsibility to provide products in line with Islamic teachings.”
Dr. Sami Al Suwailem, Acting Director General of the Islamic Development Bank Institute (IsDBI) and Chief Economist of the Islamic Development Bank Group spoke on the occasion. He said, “Pakistan and Egypt are first amongst the OIC member countries to initiate Islamic banking and Islamic finance. It will take some time, it’s a long journey but we have to continue the struggle to implement building a constructive and resilient (Islamic finance) system for our children and grandchildren.”
Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission of Nigeria felt happy on representing his country at the conference and spoke on the occasion. He said, “For us in Nigeria we have seen the adoption and benefits of Islamic finance. We associate Islamic finance with responsible investing. We have seen development of Islamic finance infrastructure in Nigeria.”
Dr. Mahmut Aydogmus – Director – International Relations – Borsa İstanbul said, “We came to the first conference in Islamabad last year. It has been a good experience for us as we attend the 2nd Islamic Capital Market Conference here in Karachi. For us at Borsa Istanbul it has been an interesting journey during the last 5/6 years and right after pandemic has seen increase in number of retail investors in our market.”
Mr. Farrukh H. Sabzwari, MD/CEO of PSX, said on the occasion, “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.”
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.
