ISLAMABAD: A joint delegation of the Pakistan Stock Exchange (PSX) and the Mutual Funds Association of Pakistan called on Finance Minister Ishaq Dar on Sunday and discussed important economic issues.
The PSX was represented by its MD and CEO, Farrukh Hussain, and Chief Financial Officer (CFO) Ahmed Ali, while Arif Qadri and Mir Adil represented Mutual Funds.
The Finance Minister Dar was accompanied by Dr. Aisha Ghaus Pasha, Minister of State for Finance; Tariq Mehmood Pasha, Special Assistant to the Prime Minister on Revenue; Tariq Bajwa, Special Assistant to the Prime Minister on Finance; Asim Ahmad, Chairman of Federal Board of Revenue, Ashfaq Tola Chairman Reforms and Resource Mobilization Commission, and other high officers from the Finance Ministry and Revenue Division. Governor State Bank Jameel Ahmad was also present in the meeting.
During the meeting, MFA representatives highlighted the growth of Sharia-compliant mutual funds and suggested that short-term Sharia-compliant sukuk should be launched.
They also proposed certain steps to promote mutual funds in the upcoming budget.
PSX Representatives highlighted the erosion of market capitalization over the past 6 years.
They said the stock market was a very documented segment and a big contributor to the national exchequer.
They also gave certain suggestions to encourage the public to invest in the stock market.
Ishaq Dar’s Concerns
The Finance Minister Dar expressed his concerns about the erosion of the PSX index. He said that PSX was once one of the best-performing stock markets.
He also listened to the group’s concerns and assured them that these would be addressed and steps would be taken to encourage investment in Pakistan.
He voiced hope that PSX would reverse the trend and once again become one of the best-performing stock markets in the region.
