Iraqi scholars seek Islamic finance collaboration with Pakistan
Business
PSX officials provided an overview of Pakistan’s capital market
KARACHI (Web Desk) - A delegation from Iraq’s Scientific Foundation for Financial Transactions, led by prominent scholars, announced plans on Tuesday to collaborate with the Pakistani banking sector by adopting its Shariah-compliant financing models during a visit to the Pakistan Stock Exchange (PSX), according to an official statement.
“Our objective is to leverage Pakistan’s proven models of Islamic finance to benefit our own market,” the PSX statement quoted one of them as saying.
“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.”
PSX officials provided an overview of Pakistan’s capital market and highlighted the country’s evolving landscape of Islamic finance.
“We are thrilled to host our esteemed Iraqi counterparts and explore partnership opportunities,” PSX Managing Director Farrukh H. Sabzwari said.
“By focusing on capacity building and product innovation, we are confident that our collaborative efforts will benefit both Pakistani and Iraqi capital markets.”
The visit is part of a series of high-level exchanges between Pakistan and Iraq, aiming to deepen bilateral cooperation across various sectors.
The ongoing visit of the Iraqi scholars also marks a step toward expanding economic and financial collaboration, particularly in Islamic finance.
