Karachi, March 4, 2025 – The Pakistan Stock Exchange (PSX) welcomed a distinguished delegation of Iraqi scholars from the Scientific Foundation for Financial Transactions (SFFT Iraq) to explore opportunities for collaboration in Islamic finance and strengthen the Islamic capital markets in both nations. The delegation included esteemed scholars: Ayatollah Syed Izz-al-Din-Ai-Hakim, Allama Syed Ahmed Ezz-El-Din-El-Hakim, Allama Sheikh Qasim Al-Issawi, Sheikh Muayyad-al-Abbadi, and Allama Sheikh Sajid Raza Khan Najafi. SFFT is a leading Iraqi research institute specialising in Islamic finance, and the visit was facilitated by the Al-Sadiq (AS) Institute, Karachi.
Mr. Farrukh H. Sabzwari (PSX’s MD and CEO) and PSX’s senior management welcomed the delegation. Also in attendance were distinguished members from PSX’s Shariah Focus Group, including Mr Mohammad Shoaib (CEO of Lucky Investment Company), Ms Sarwat Ahson (Executive Director of CFA Society Pakistan), Mr Harris Munawwar (Head of Investment, Bank Islami) and Mr Hasan Raza.
During the session, PSX officials provided an overview of Pakistan’s capital market and highlighted the country’s evolving landscape of Islamic finance. The discussions focused on key areas such as the debt market, equity segments, listing options on the Main and GEM boards, and capacity-building initiatives to enhance bilateral cooperation.
The Iraqi scholars expressed their gratitude for PSX’s hospitality and shared their keen interest in learning from Pakistan’s successful Islamic finance practices. A delegation member remarked, “Our objective is to leverage Pakistan’s proven models of Islamic finance to benefit our own market. With 50 percent of Iraqi banks operating on Islamic principles and remarkable growth—from 200 billion dinars to a trillion dinars over the past six years—we see immense potential for collaboration in Islamic finance.”
The scholars emphasised that this interaction, rooted in the strong brotherly ties between Pakistan and Iraq, aims to catalyse the development of the Iraqi capital market. They also highlighted the importance of joint innovation in financial products tailored to Islamic finance, which could drive substantial growth in their market.
Commenting on the visit, Mr. Sabzwari stated, “We are thrilled to host our esteemed Iraqi counterparts and explore partnership opportunities. Our discussions have opened new avenues in areas such as ETFs, debt markets, equity, and specialised boards like the GEM board. By focusing on capacity building and product innovation, we are confident that our collaborative efforts will benefit both Pakistani and Iraqi capital markets.”
This visit marks a significant step toward deepening economic and financial cooperation between Pakistan and Iraq, fostering an environment of mutual learning and innovation, particularly in Islamic finance.
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