The Pakistan Stock Exchange (PSX) has been awarded the 'Best Islamic Stock Exchange Award 2023' by Global Islamic Finance Awards (GIFA).

This is the third consecutive year in which PSX has won this award.

GIFA is an internationally acclaimed platform that recognizes excellence in banking and finance in the Islamic world.

Since 2011, the awards have been presented to individuals, institutions, and government departments across the world who have shown outstanding performance in promoting Islamic banking and finance and for their commitment to social responsibility.

PSX Managing Director (MD) and Chief Executive Officer (CEO) Farrukh H Khan in a statement said, "Pakistan Stock Exchange is very proud to have been presented the Global Islamic Finance Award for the third consecutive year by Global Islamic Finance Awards. We are honoured by GIFA for recognizing us for our commitment to providing excellence in Islamic finance products, offerings, and regulatory enhancements."

He said the PSX was a robust and strong platform for Shariah-compliant products and capital raising.

"With an aggregate of 251 Shariah-compliant companies listed on PSX capturing more than 65 percent of the total market cap, PSX provides an excellent platform for investors to channel their funds into Islamic financial offerings and for financial institutions to create and bring new products, whether Sukuk, Shariah-compliant mutual funds, modarabas, ETFs, and others, to help corporates and GoP raise funds from the capital markets," he said.

"We sincerely thank GIFA for bestowing us with this award. It is with the support and able guidance of the SECP, the PSX board, and the management team that we have been able to achieve this distinctive accolade."