ISLAMABAD, Jun 4 (Alliance News): A joint delegation of Pakistan Stock Exchange (PSX) and Mutual Funds Association (MFA) of Pakistan called on the Federal Finance Minister Mohammad Ishaq Dar.
The PSX was represented by its MD/CEO Farrukh Hussain and Chief Financial Officer Ahmed Ali whereas Mir Adil and Arif Qadri represented Mutual Funds, said a press release issued here Sunday.
The Finance Minister was accompanied by Dr. Aisha Ghaus Pasha, Minister of State for Finance, Tariq Bajwa, Special Assistant to the Prime Minister on Finance, Tariq Mehmood Pasha, Special Assistant to the Prime Minister on Revenue, Ashfaq Tola Chairman Reforms and Resource Mobilization Commission (RRMC), Asim Ahmad Chairman Federal Board of Revenue and other senior officers from the Finance Ministry and Revenue Division. Governor State Bank Jameel Ahmad also attended the meeting.
During the meeting, representatives of MFA highlighted the growth of Sharia compliant mutual funds and proposed that short term Sharia compliant sukuk should be launched.
They also proposed certain measures to be taken in the upcoming budget to promote mutual funds.
Representatives of PSX highlighted the erosion of market capitalization over the last six years.
They said that the stock market was a highly documented segment and a major contributor to the national exchequer.
They gave certain proposals to encourage people to invest in the stock market.
The Finance Minister expressed his concerns at the erosion of PSX index. He noted that PSX was at one time one of the best performing stock markets and assured the group that their concerns would be addressed and measures would be taken to encourage investment in Pakistan.
He hoped that PSX would reverse the trend and once again become one of the top performing stock markets in the region.