ISLAMABAD: Pakistan on Thursday said it rejected India’s comments protesting the launch of a luxury bus service between Islamabad and Beijing, adding that by “raising frivolous issues,” New Delhi cannot “mislead the international community.”
“We reject the Indian Ministry of External Affairs’ (MEA) purported protest and statement regarding bus service through the China-Pakistan Economic Corridor (CPEC). India’s repeated regurgitation of claims over India-held Kashmir can neither change the facts of history nor the legality of the Jammu and Kashmir dispute,” Pakistan’s Foreign Ministry said in a statement.
A private company, namely the North-South Transport Network (NSTN), said that work was underway to kickstart the service this week, which would operate from Lahore to Kashgar in China, adding that it had undertaken the initiative under the flagship of the CPEC project.
Opposing the plans, India said on Wednesday: “We have lodged strong protests with China and Pakistan on the proposed bus service that will operate through Pakistan Occupied Jammu and Kashmir under the so-called ‘China-Pakistan Economic Corridor’. It is Government of India’s consistent and well-known position that the so-called China-Pakistan "Boundary Agreement" of 1963 is illegal and invalid, and has never been recognized by the Government of India,” the Indian MEA said in a statement.
The statement added that any such bus service through Pakistan Occupied Jammu and Kashmir would be a “violation of India’s sovereignty and territorial integrity.”
Pakistan’s Foreign Ministry responded by saying that as per the resolutions set by the United Nations Security Council (UNSC), the entire state of Jammu and Kashmir is disputed, the final status of which is to be determined through a democratic and impartial plebiscite to be held under the auspices of the UN.
“In complete violation of the UNSC resolutions, and against the wishes of the Kashmiri people, India continues to maintain its illegal hold over Indian occupied Jammu & Kashmir through brutal use of force. It may be recalled that Indian leaders had committed to hold the plebiscite,” the statement said.
“We call upon India to vacate its illegal occupation. We also call upon India to allow the Commission of Inquiry (COI) recommended by the OHCHR to investigate human rights violations, and resolve the Jammu &Kashmir dispute in accordance with the UNSC resolutions and wishes of the Kashmiri people,” the statement added.
Pakistan and China are linked through a land route which is used for both trade and travel. In 2015, the two countries launched the CPEC, a flagship project worth $60 billion.
Both the countries maintain traditionally-close, cooperative and friendly ties in diverse fields and the CPEC involves a host of projects which connects China's Xinjiang province with Pakistan's Gwadar port in Balochistan province.
Pakistan dismisses India’s comments on bus service to China
Pakistan dismisses India’s comments on bus service to China
- Insists it was protesting against “frivolous issues”
- New Delhi says initiative would be a “violation of India’s sovereignty”
Pakistan’s Pak-Qatar Family Takaful to raise $3.9 million in Islamic insurance IPO
- Company to offer 50 million shares with a price band of $0.05–0.07 per share
- Proceeds to support capital needs, digital expansion, new customer-focused products
ISLAMABAD: Pak-Qatar Family Takaful Limited, Pakistan’s largest dedicated Islamic insurance provider, will launch an initial public offering this month to raise about Rs1.1 billion ($3.9 million), with book-building scheduled for Dec. 11–12 and registration opening Dec. 8, the company said in a statement on Friday.
The offer will make Pak-Qatar the first dedicated family takaful operator to list on the Pakistan Stock Exchange, marking a notable development for the country’s insurance landscape, where penetration remains low by global standards. The IPO comes as the company looks to scale operations, strengthen technology channels and widen product distribution in a market where Shariah-compliant savings and protection instruments have grown steadily.
“Pak Qatar Family Takaful Limited is all set to list itself at Pakistan Stock Exchange through an IPO with registration starting 08th December. Through this IPO PQFTL is aiming to raise approx. Rs. 1.1 billion,” the statement said.
The company will offer 50 million shares, starting at a floor price of Rs14 per share ($0.05), with a ceiling of Rs21 per share ($0.07). Of the total issue, 37.5 million shares will be allocated to institutional investors, while 12.5 million shares will be offered to the general public.
Lead manager Shahid Ali Habib of Arif Habib Ltd. said investor response has been strong as the offering represents a sector first. According to the statement, proceeds will be used to meet capital requirements, develop new products and accelerate digital outreach.
Pak-Qatar Family Takaful is the country’s first and largest dedicated shariah-compliant family risk-protection provider, holding 44 percent of the total family takaful market and more than 90 percent of the fully dedicated segment, with a nationwide presence of 73 branches and 1,971 field representatives.
Despite Pakistan’s population size, insurance penetration stood at just 0.7 percent in 2024, the company noted, adding that rising awareness and economic shifts leave room for growth compared with advanced markets where penetration has crossed 10%.
