Iran-Pakistan discuss issue of abducted border guards

Iranian Foreign Minister Javad Zarif, left, with his Pakistani counterpart Shah Mehmood Qureshi. (Photo courtesy: Islamic Republic News Agency)
Updated 31 October 2018
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Iran-Pakistan discuss issue of abducted border guards

  • Foreign Ministers of both countries prioritize release of 14 individuals held by militants
  • Islamabad assures Tehran it will leave no stone unturned in maintaining peace along border

ISLAMABAD: As part of his ongoing visit to Pakistan, Iranian Foreign Minister Jawad Zarif met with his counterpart on Wednesday in order to “promote bilateral relations in all areas”, a statement released by the Ministry of Foreign Affairs in Islamabad read.
Zarif arrived in Islamabad late on Tuesday evening where he was received by Pakistan Foreign Minister, Shah Mehmood Qureshi, in what would be his second trip to the country since the formation of the new government. “FM (foreign minister) Qureshi welcomed Zarif at the MOFA (the Ministry Of Foreign Affairs) today. Detailed discussions on all issues of mutual interest including ways to enhance cooperation took place,” Foreign Ministry spokesperson, Dr. Mohammad Faisal, said.
Prime among the topics discussed was the kidnapping of 14 Iranian security personnel — at the Mirjaveh post, in the Sistan-Balochistan province, along the border with Pakistan — earlier this month. Iranian militant group, Jaish Al-Adl, claimed responsibility for the abduction, adding that border guards were among the officials kidnapped by them.
Iran last week had urged the Pakistani ambassador in Tehran to help with the efforts to rescue the abducted personnel, calling on Islamabad to “use all possible means” to free them.
The foreign office, following the incident on October 10, had said at the time that “both militaries, under a joint mechanism established since last year, are working to ascertain the whereabouts of the Iranian guards. DG MOs from both sides are coordinating actions in this regard”.
During the meeting held on Wednesday, the two countries also touched upon regional and global issues including the situation in Afghanistan and ways to work together in the wake of the US imposing sanctions on Iran. “It was agreed to continue close consultations through the established multi-pronged mechanism between the two countries,” the statement read. 
In recent times, Pakistan has been more concerned about its northwestern border with Afghanistan and eastern border with India. The Balochistan province which is 44 percent of the country’s landmass has been troubled by rebel groups, militants, and notorious smugglers operating within its porous region. The province shares its demarcation line with Iran and Afghanistan. Security has been beefed up to protect all projects under the flagship of the China Pakistan Economic Corridor initiative, which is being established in the city of Gwadar.


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.