PSX welcomes Meezan Bank

KARACHI: Pakistan Stock Exchange (PSX) held a gong ceremony on Monday to welcome on-boarding of Meezan Bank Limited as a market maker on PSX for Shariah-compliant debt securities.

An agreement was signed between PSX and Meezan Bank at PSX Trading Hall, whereby Meezan Bank became the first Islamic bank to be recognised as market maker for Shariah-compliant debt instruments on PSX.

PSX MD and CEO Farrukh H Khan and Meezan Bank Deputy CEO Ariful Islam signed the agreement. Also present at the ceremony were the Board of Directors of PSX and senior management of both the organisations.

PSX MD and CEO said, “It is indeed a welcome development whereby yet another bank is coming onboard as designated market maker for debt securities on PSX.”

The fact that Meezan Bank, Pakistan’s leading Islamic Bank, became one of the first banks to be designated as such shows its commitment to the development of the capital market of the country. This he said would add depth and growth to the debt market of Pakistan,” he added.

Meezan Bank deputy CEO said, “We strongly support and believe that the development of the capital markets is critical for the future growth and success of any economy. We are delighted to be given this opportunity to play this role and we see this as a landmark development for the Islamic capital markets of Pakistan as we continue to witness the evolution of Islamic finance in Pakistan.”

Market-makers perform the crucial role of providing liquidity and depth to the market by facilitating investors to buy and sell securities through continuously quoting two-way prices, ie, bid and offer prices.