MFA Proposes Introducing Sharia-Compliant Short Term Sukuk
By: Omed Hajjana
The Mutual Funds Association (MFA) has proposed to the government the introduction of Sharia-Compliant Short Term Sukuk.
A joint delegation from the Pakistan Stock Exchange and the Mutual Funds Association met with Finance Minister Muhammad Ishaq Dar at the FBR headquarters in Islamabad.
The Pakistan Stock Exchange was represented by its Managing Director/Chief Executive Officer Farrukh Hussain and Chief Financial Officer Ahmed Ali, while the Mutual Funds Association was represented by Mir Adil and Arif Qadri.NBP Funds: Investors’ Guide to invest in Stocks
During the meeting, Minister of State for Finance Dr. Aisha Ghos Pasha, Special Assistant to the Prime Minister for Finance Tariq Bajwa, Special Assistant for Revenue Tariq Mehmood Pasha, Chairman of Reforms and Resource Mobilization Commission Ashfaq Tola, Chairman FBR Asim Ahmed, and senior officials from the Ministry of Finance and Revenue Division were also present. State Bank of Pakistan Governor Jameel Ahmed also attended the meeting.
The representatives of the Mutual Funds Association highlighted the growth of Sharia-Compliant Mutual Funds and suggested the introduction of Sharia-Compliant Short-Term Sukuk.
The representatives of the Pakistan Stock Exchange emphasized the decline in market capitalization over the last six years and stated that the stock market is a documented segment with a significant share in the national treasury.
They also provided suggestions to attract people to invest in the stock market.
The Finance Minister expressed concern over the decline in the Pakistan Stock Exchange index. He mentioned that there was a time when the performance of the Pakistan Stock Exchange was very good.
He assured the delegation that their problems would be resolved and steps would be taken to encourage investment in Pakistan.
Dar expressed hope that the Pakistan Stock Exchange would reverse this trend and once again become one of the best-performing stock markets in the region.
