Pakistan’s 5 million houses project requires PKR 15-17 trillion, Governor SBP

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Tariq Bajwa, Governor of State Bank of Pakistan, is speaking at the launching ceremony of translation book in Urdu of Shariah Standards in collaboration with Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI. (AN photo)
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Tariq Bajwa, Governor, State Bank of Pakistan, Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of AAOIFI Board of Trustees, Omar Mustafa- Acting Secretary General- AAOIFI and Mr. Irfan Siddiqui- Chairman Steering Committee and others are posing for group photo at the launching ceremony of Urdu version of Shariah Standards in collaboration with AAOIFI. (AN photo)
Updated 12 December 2018
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Pakistan’s 5 million houses project requires PKR 15-17 trillion, Governor SBP

  • Huge potential and opportunities for Islamic banking industry in the housing project, Tariq Bajwa
  • Islamic Banking share of overall Pakistani Banking Industry is 12.90% of total assets and 14.80% of total deposits
KARACHI: Pakistan’s much touted 5 million housing project, pledged by the government of Pakistan Tehreek-e-Insaf (PTI) led by Prime Minister Imran Khan, would require around PKR 15 to 17 trillion financing during the next five years, officials say.
 
“One of the opportunities is the initiative of PTI government of 5 million houses. The best product for that is the Diminishing Musharaq. There is already a niche market. This is something that can be developed. 5 million houses translated amount could be anywhere between PKR 15 to PKR 17 trillion, that is going to be required for the next five years,” Tariq Bajwa, Governor of State Bank of Pakistan (SBP) said on Wednesday.
 
Speaking as chief guest at the launching ceremony of Urdu version of the Book ‘Sharaie Mayaarat’ (translation of Shariah Standards) in collaboration with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bajwa said that the prime minister has put behind political weight to increase deposit ratio of Islamic banks from 15 percent to 25 by 2023.
 
Islamic finance globally is worth $2 trillion. The first Islamic Bank in Pakistan was launched in 2002 and currently there are five full-fledged Islamic Banks, along with 16 conventional banks, with Islamic Branches and Windows.
 
The Total Islamic Banking Network has reached PKR 3,969 billion with total deposits of PKR 2,033 billion and asset portfolio at PKR 2,482 billion.
 
Islamic Banking share of overall Pakistani Banking Industry is 12.90 percent of total assets and 14.80% of total deposits.
 
“The Islamic finance industry has grown at a fast pace. The development of Islamic banking industry especially beyond Muslim jurisdictions is a recognition of its viability as a competitive alternate to the conventional banking,” Bajwa noted. “Islamic banking industry has expanded its network to over 2700 branches in 111 districts across the country, he added.
 
The Islamic banking also faces potential risks and challenges that Islamic banking industry needs to address for its sustainability and stability. “Effective liquidity management has been key challenge of Islamic banking industry. This issue has gained more prominence owing to factors like dearth of Shariah compliant investment opportunities, limited availability of Shariah compliant money market instruments and absence of Shariah compliant SBP standing facility,” Bajwa observed.
 
The inherent advantage of Islamic financial industry to fund projects on equity participation and profit sharing basis enables it to cater to the huge, unmet demands of under-served sectors such as agriculture and SMEs.
 
However, like conventional industry, Islamic banks are also not effectively serving these sector, the governor noted adding “ KAP (Knowledge, Attitude and Practices of Islamic Banking in Pakistan) survey based study of SBP, also indicates these areas as potential growth avenues for Islamic banking industry. SBP is persuading the industry to capitalize on its innate strengths to cater to the needs of these under-served sectors.”
 
Appreciating the launch of the book, governor Bajwa said “translation of global standards into our national language is an important milestone, as it would remove language barriers to understand Shariah Standards.”
 
Irfan Siddiqui, Chairman Steering Committee, while speaking on the occasion hoped that the proposed PKR 300 billion Pakistan Energy Sukuk would further energize the Islamic banking industry.
 
Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of AAOIFI Board of Trustees, informed the participants that AAOIFI Shariah Standards are now available in six languages including French, Russian Urdu and Turkish while translation in Mandarin language is being finalized.
 
Mufti Muhammad Taqi Usmani, Chairman of AAOIFI Shariah Board, said work on the Riba-free economy was started some 20 years ago. “Practicability of interest-free economy remained the discourse among masses and scholars because the ideas was considered Utopian and impossible but now the efforts are bearing fruit,” said Usmani.

Nida Dar becomes top wicket-taker in women’s T20Is despite Pakistan’s loss to England

Updated 19 May 2024
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Nida Dar becomes top wicket-taker in women’s T20Is despite Pakistan’s loss to England

  • Despite Dar’s milestone, Pakistan fell to England by 65 runs, allowing the hosts to secure a 2-0 series lead
  • Pakistan are now gearing up for the third and final T20I against England, set to take place on May 19 in Leeds

ISLAMABAD: Nida Dar, captain of the Pakistan women’s cricket team, made history by becoming the top wicket-taker in Women’s T20 International cricket with her 137th wicket during the second match against England in Northampton on Friday.

Despite her milestone, Pakistan fell to England by 65 runs, allowing the hosts to secure a 2-0 series lead.

England, batting first, were restricted to 144-6, thanks in part to Dar’s two wickets. However, Pakistan struggled in reply, collapsing to 79 all out within 15.5 overs as English spinners Sophie Ecclestone, Alice Capsey and Sarah Glenn collectively snagged seven wickets.

The International Cricket Council recognized Dar’s historic performance on its website after the match.

“Dar overtook Australia’s Megan Schutt (136 wickets) to lay her claim at the top of the leading wicket-takers chart in women’s T20I on Friday, 17 May,” the ICC proclaimed. “She is the only Pakistan woman in the top 10 list.”

The Pakistan skipper, who started the game with 135 career wickets, was on the verge of setting the new record during Pakistan’s recent home series against the West Indies.

In the match against England, she edged closer to the milestone by getting Capsey stumped in almost the middle of the game and later, in the final over, clinched her landmark 137th wicket by dismissing Amy Jones.

Pakistan are now gearing up for the third and final T20I against England, set to take place on May 19 in Leeds.


Pakistan to send two-member delegation to Kyrgyzstan, offers free evacuation to stranded students

Updated 18 May 2024
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Pakistan to send two-member delegation to Kyrgyzstan, offers free evacuation to stranded students

  • The decision comes after five Pakistani students were injured in mob violence against foreign nationals in Bishkek
  • Deputy PM Ishaq Dar will lead the delegation on Sunday morning to review arrangements for the return of students

ISLAMABAD: Prime Minister Shehbaz Sharif decided to send a two-member delegation to the Kyrgyz capital of Bishkek and offered free travel facilities to all Pakistani students stranded there on Saturday, following mob violence against foreign nationals enrolled in various universities that led to evacuation requests.
The violence erupted on Friday night after videos of a brawl between Kyrgyz and Egyptian students went viral online, prompting furious mobs to target hostels of medical universities and private lodgings of international students, including Pakistanis, in the city.
According to official statistics, around 10,000 Pakistani students are enrolled in various educational institutions in Kyrgyzstan, with nearly 6,000 residing and studying in Bishkek.
Speaking to Arab News on Saturday, many students reported the Pakistan embassy had advised them to stay indoors, though they had run out of food and water. Some even expressed fears that rioting might resume at night and requested evacuation by the authorities.
A statement released by the PM’s Office in the evening indicated that Sharif had directed Deputy Prime Minister Ishaq Dar and another cabinet member, Amir Maqam, to address the situation in Bishkek.
“Both officials will depart for Bishkek early tomorrow morning [on Sunday] via a special plane,” the statement continued. “Throughout the day, the Prime Minister had been monitoring the situation and staying in contact with the Pakistani ambassador in Bishkek.”
“Despite the satisfactory situation,” it added, “the decision to send this delegation was made to ensure necessary support and facilities for Pakistani students.”
The two Pakistani officials will meet with senior government officials in the Kyrgyz capital to ensure medical treatment for injured students and review arrangements for their return.
In an earlier statement, the prime minister noted that those who wanted to return to Pakistan would be “facilitated at the government’s expense.”
Sharif also declared that his administration would not leave the students alone during such a difficult time and would remain in contact with them and their parents through the embassy.
Meanwhile, the foreign office activated its Crisis Management Unit to facilitate and assist Pakistani nationals in the Kyrgyz Republic and their families. The unit can be contacted on the following numbers: +92519203108 and +92519203094, or via email at [email protected].
The country’s ambassador to Kyrgyzstan Hasan Zaigham said earlier in the day that five Pakistani medical students had been injured in the mob attack. One student was admitted to a local hospital with a jaw injury, while the other four were released after receiving first aid.
“No Pakistani was killed or raped in the violence,” he told Arab News over the phone, dispelling rumors circulating on social media. “The situation is under control now as Bishkek authorities have dispersed all the miscreants.”


Journalists protest temporary closure of Quetta Press Club, demand media freedom inquiry

Updated 18 May 2024
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Journalists protest temporary closure of Quetta Press Club, demand media freedom inquiry

  • Police locked the facility after rights activist Mahrang Baloch decided to hold a seminar at the facility
  • The Balochistan Union of Journalists issued a statement, describing it as an attack on press freedom

KARACHI: Journalists in Pakistan’s southwestern Balochistan province on Saturday condemned the temporary closure of Quetta Press Club by police, demanding an inquiry into what they called an attack on media freedom in violation of the country’s constitution.
The incident took place after the Baloch Yakjehti Committee (BYC), an ethnic rights movement led by local activist Mahrang Baloch, organized a seminar at the press club, prompting the police to lock the facility. However, supporters of the rights movement broke the lock and entered the club.
Last year, Baloch gained national visibility by leading a protest march to Islamabad, saying her objective was to bring attention to enforced disappearances and extrajudicial killings in her province, though the government denied the state’s involvement in any such activities.
“The Balochistan Union of Journalists strongly condemns the closure of the Quetta Press Club by the administration in harsh terms, considering it an attack on press freedom and a blatant violation of the Article 19 of the Constitution,” said a statement that called for investigation into the issue.
“The closure of the Press Club is an assault on the freedom and rights of journalists, which is unacceptable,” it added. “This move by the administration is a conspiracy to silence journalists, and we will protest vigorously against it.”
The union pointed out that journalists were already facing threats and challenges, though it added they would continue to fulfill their responsibilities and remain undeterred by such measures.
“Article 19 of Pakistan’s Constitution grants every citizen the freedom of expression, and the closure of the Press Club is a clear violation of it,” the statement continued. “The Balochistan Union of Journalists demands a high-level investigation into the matter so that journalists can fulfil their duties without fear or danger.”
When contacted, Banaras Khan, the general secretary of Quetta Press Club, told Arab News the district administration had asked the club’s administration to cancel the program, citing security reasons.
“Half of the participants came and half were on their way when the police locked the gate,” he said, adding he had refused to cancel the program.
“I informed the authorities that I wouldn’t force the participants to leave,” Khan revealed. “If the provincial administration wanted to, they could, but they should then lock the gate, and we would leave as well,” he said, highlighting his disagreement with the officials that made him warn that the journalists would vacate the premises in protest.
Shahid Rind, a Balochistan government spokesperson, said, however, it was the decision of the police, deployed outside the club for its protection, to lock the facility as a strategy to deal with the large crowd, adding the government had no intention to stop the program.
“Our position is clear,” he said. “We didn’t put any locks, nor did we want to stop the seminar.”
Rind said the organizers had mentioned in their invitations only registered participants would attend the program.
He said the gate was temporarily locked by the police.
“After that, the seminar continued throughout the day,” he added. “If we had wanted to stop the seminar, or if the state had wanted to stop it forcefully, would the seminar have been allowed to take place?”


Seven Pakistanis, including two women, feature in Forbes 30 Under 30 Asia list this year

Updated 18 May 2024
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Seven Pakistanis, including two women, feature in Forbes 30 Under 30 Asia list this year

  • The American magazine annually compiles the list to celebrate 300 young people for their innovative abilities
  • The seven Pakistanis have contributed to the fields of art and finance along with enterprise and consumer technology

ISLAMABAD: Two women among a group of seven Pakistanis were featured in the popular Forbes 30 Under 30 list this week, earning international recognition for their leadership abilities in their respective professional fields.
The American business magazine annually compiles the 30 Under 30 list to celebrate 300 remarkable individuals under the age of 30, selected across 10 categories, each featuring 30 standout figures.
These young leaders are recognized for their innovative contributions and influence in areas such as technology, arts, finance and science, marking them as trailblazers poised to shape the future of their industries in their respective regions.
Among the fintech entrepreneurs facilitating access to capital, Forbes named Lahore-based Aleena Nadeem on top, saying her company EduFi was helping more Pakistanis go to university.
“Nadeem’s concept is simple,” the magazine wrote. “She realized some paycheck-to-paycheck families couldn’t handle lump sum payments at the start of a semester— but could afford tuition paid monthly.”
“EduFi has partnered with 27 Pakistani colleges (a number that’s doubled in the past six months), who funnel prospective customers its way,” the article added. “It does its own credit-vetting, then pays tuition for approved students who repay the loan on a monthly basis as they study.”
It also mentioned Bushra Sultan, a Pakistani filmmaker, creative director and production designer, saying her work addressed her country’s constraints on women.

an undated file photo of Bushra Sultan, a Pakistani filmmaker, creative director and production designer. 


“Her most notable work is in fashion and beauty,” the magazine said. “A campaign for Demesne Couture called ‘Guria’ depicted two opulently dressed women being controlled like puppets by giant hands pulling strings, a comment on the country’s wedding industry and the demands made on brides.”
“Sultan is also known for her audacious ‘Chimera’ campaign featuring headless women,” it added.
Much like Nadeem, Pakistan’s Sarkhail Bawany was listed among the fintech entrepreneurs.
Bawany is the head of product at fintech company Abhi, which empowers workers to withdraw a percentage of their salary before the next paycheck when they need emergency cash.

An undated file photo of Pakistani enterprenure Pakistan’s Sarkhail Bawany. (Photo courtesy: LinkedIn/sarkhailbawany)


“Abhi works on a B2B2C model, partnering with companies such as Unilever Pakistan to offer the service as a benefit to employees,” Forbes said, adding the company had also expanded to the Middle East and Bangladesh.
Others Pakistanis on the list include Kasra Zunnaiyyer, the co-founder of Karachi-based Trukkr, which has developed a management platform for Pakistan’s logistics sector. Zunnaiyyer made it to the Forbes list in the Enterprise Technology category.
The line-up also had Adeel Abid, Aizaz Nayyer and Ali Raza, who established the Karachi-based platform for freelancers called Linkstar.
“The company helps freelancers create free portfolio websites that can be upgraded with advanced functionalities such as international payments and social media integration,” the magazine announced.


Pakistan calls for removal of technology restrictions to aid developing nations at UN meeting

Updated 18 May 2024
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Pakistan calls for removal of technology restrictions to aid developing nations at UN meeting

  • Access to emerging technologies in the Global South is often influenced by geopolitical concerns
  • Pakistan says equitable access to technology can help developing nations meet future challenges

ISLAMABAD: A senior Pakistani diplomat at the United Nations urged technology-producing nations on Friday to remove restrictions on the equitable spread of scientific knowledge and equipment, saying it would help advance developing countries.

Access to emerging technologies in the Global South is often influenced by geopolitical concerns, as international relations and trade policies can dictate the availability and distribution of these resources.

This geopolitical gatekeeping not only restricts technological advancement in less developed nations but also perpetuates global inequities in access to cutting-edge tools and innovations.

In case of Pakistan, US export controls limit access to high-end technologies, particularly those with dual-use capabilities that might be diverted for military purposes.

“Unless fair and equitable access to new and emerging technologies is provided to developing countries, and all undue restrictions removed, the Global South will lag even further behind in achieving the Sustainable Development Goals,” Ambassador Usman Jadoon, Pakistan’s Deputy Permanent Representative to the UN, told a Security Council meeting.

According to an official statement, he underscored the transformative power of science in improving lives and anticipating threats through climate modeling, disease surveillance, and early warning systems.

Additionally, he highlighted Pakistan’s significant strides in nuclear technology, space exploration and biotechnology, saying that his country wanted to leverage scientific advancements for progress and stability.

“New and emerging technologies play an undeniable role in the progress of any society and in maintaining international peace and security when used in accordance with the principles of the UN Charter,” he continued.

Ambassador Jadoon mentioned Pakistan’s concerns about the unregulated military applications of emerging technologies and supported calls for establishing legally-binding norms to regulate their use, ensuring regional and global stability.

He affirmed his country’s commitment to unlocking the potential of science for peace and progress, advocating for responsible scientific practices and international cooperation to build a safer and more prosperous future.