Shehbaz kicks off PML-N election campaign from Karachi

In this file photo, Pakistan Muslim League-Nawaz (PML-N) chairman, Shehbaz Sharif, addressing businessmen at a hotel in Karachi on Monday. Shehbaz Sharif started his party’s election campaign-2018 from Karachi on June 25, 2018. (AN photo by M.F. Sabir)
Updated 03 July 2018
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Shehbaz kicks off PML-N election campaign from Karachi

KARACHI: Shehbaz Sharif, the new chairman of the Pakistan Muslim League-Nawaz (PML-N), arrived in Karachi on Monday to kick start his party’s election campaign from the capital of Sindh.

“Will be reaching Karachi today on a two-day tour to kick-start PMLN’s Election Campaign 2018,” Sharif tweeted before flying to Karachi for his party’s first campaign. His elder brother, former Prime Minister Nawaz Sharif, was out of country for the crucial moment.

Sharif also tweeted: “Being a party of the Quaid-i-Azam (great leader, a reference to state founder Mohammed Ali Jinnah), it is our pledge that we will not rest till we accomplish the dream of Pakistan being a progressive, inclusive, democratic and Islamic welfare state.”

The PML-N chief chose businessmen and traders for his first address and promised to work for the development and prosperity of Karachi.

He also promised to tackle critical issues in Karachi such as the water shortage, poor hygiene and lack of transport infrastructure.

“The provincial budget is not sufficient to develop Karachi, which is a revenue engine for the entire country,” Sharif said, urging that the center should also allocate funds to develop commercial capital.

Sharif’s two-day program includes the formal launch of his election campaign from his visit of NA-149, the constituency from which he will contest the election. In the evening, he will speak at a football ground in Baldia, a town to the west of Karachi.

There he will meet voters before visiting the constituency of former finance adviser Miftah Ismail to support his election campaign. 

On Tuesday he will meet donors, media, women entrepreneurs, before visiting the PPP stronghold of Lyari, where the PML-N gained support during the last local government elections.

Analysts, however, have questioned the wisdom of the PML-N’s decision to begin the campaign in Karachi.

“The organization of PML-N in Karachi is weak, and it unlike other parties, isn’t organized to the level of ward and union council,” Fazil Jamili, a senior journalist, told Arab News, adding that some local businessmen had insisted that Shehbaz Sharif should fight from Karachi.

“He collected nomination papers, then announced that he would not contest (it) and reviewed the decision again, which shows he was not sure about his victory from Karachi,” Jamili said, adding: “The start of election campaign from the megacity is aimed at averting his defeat from Karachi. The decision is not wise.”

However, senior analyst Mubashir Zaidi, said: “Since MQM’s disintegration into several groups, PML-N believes that it can grab a couple of seats from Pakistan’s biggest city and business hub,” Zaidi told Arab News.

“It’s not certain that PML-N can make its mark in Karachi as the party has ignored Karachi for the past 30 years,” he said. “The move is more aimed at least having some footprints. Being a financial hub, Karachi’s business community has been appreciative of the PML-N approach lately, after the failure of PPP and MQM to deliver in the past three decades.”

Abdul Jabbar Nasir, a senior analyst from Karachi, said that while Shehbaz Sharif has started the election campaign, the voters of Karachi will vote for Nawaz Sharif.

“Had PML-N focused on Karachi few months back, it would have been in good position and could grab some national and provincial assembly seats from Sindh,” Nasir said.

Nasir added that were Nawaz Sharif to be starting the campaign, the party would have performed well in elections from Sindh.


Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

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Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

  • Pak-Qatar General Takaful Limited plans to raise up to $1.5 million through initial public offering
  • Institutional investors will get 75% of shares, while the remaining 25% will go to retail investors

KARACHI: Pakistan’s first dedicated non-life Shariah-compliant takaful operator said on Monday it will launch an initial public offering this month, seeking to raise up to Rs 420 million ($1.5 million) as Islamic finance gains traction in the country’s capital markets.

The company, Pak-Qatar General Takaful Limited, said it would issue 30 million shares, with a floor price of Rs 10 and a ceiling price of Rs 14 per share. Institutional investors will receive 75% of the shares on offer, while the remaining 25% will be allocated to retail investors.

“Arif Habib Limited has been mandated by Pak-Qatar General Takaful Limited to act as the consultant and book runner for raising funds through the initial public offering,” it announced in a statement.

The book-building process for the offering will take place on Jan. 21-22, it added, with investor registration opening on Jan. 16, while public subscriptions are scheduled for Jan. 28-29.

The offering follows the recent listing of Pak-Qatar Family Takaful Limited, which raised Rs 901 million ($3.23 million) last month in Pakistan’s first Islamic insurance sector IPO, an issue that was oversubscribed several times.

Proceeds from the IPO will be used to strengthen the company’s capital base and support investments in technology, infrastructure and branch expansion, said the statement.

Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.