KARACHI: Pakistan recorded a 12.2 percent increase in the inflow of remittances in the first seven months of the current fiscal year, according to official data released by the State Bank of Pakistan (SBP).
Saudi Arabia continues to be the largest source of remittances, with Pakistan receiving $403.92 million in the month of January as compared to $383.91 million in January last year. Pakistan received $2.97 billion from Saudi Arabia during the seven months of current fiscal year, according to the SBP report released on Monday.
The hike in remittance from overseas Pakistanis is also being attributed to government’s measures to discourage the exchange of money through illegal channels and incentivize trade of currencies.
“The incentives given to overseas Pakistanis to attract remittances through officials channels and the attractive exchange rates are also playing positive role,” Muzzamil Aslam, a senior economist, said.
The state bank on Monday said, “Overseas Pakistani workers remitted $12774.02 million in the first seven months of FY19 as compared with $11383.47 million received during the same period in the preceding year.”
According to the official figures, the amount received from other countries like the UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $352.12 million, $272.32 million, $ 295.13 million, $166.50 million and $42.89 million respectively compared with the inflow of $351.58 million, $223.94 million, $235.10 million, $186.33 million and $56.4 million respectively in January 2018.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during January 2019 amounted to $210.36 million together as against $201.46 million received in January 2018.
In October last year, Prime Minister Imran Khan had approved a scheme which could increase the amount from Rs163 to Rs 200 for the use of a mobile wallet on each transaction of $1 remittance as airtime.
The government had also announced an incentive of Rs1 against each $1 incremental remittance transaction to foreign exchange companies and banks that brought in 15 percent more remittances than those recorded in the previous financial year.
“This incentive and the actions against the Hundi or Hawala (an alternative remittance channel that exists outside of banking and other official channels) has resulted in the inflow of remittances through official channels,” Malik Bostan, President of Forex Association of Pakistan, told Arab News.
“The government’s action against illegal money traders has restricted the movement of currency in a large quantity. Authorities seize the amount if it is moved without proper documentation. Recently, around Rs180 million was confiscated by the concerned authorities,” Bostan said.
Pakistan has set the remittance target of $21.2 billion for the current fiscal year. However, the central bank’s projections show that the inflow would be between $20.5 billion and $21.5 billion.
Pakistan had received $19.62 billion remittances from overseas Pakistan during the outgoing fiscal year FY18 which is 1.4 percent higher than those recorded in the previous fiscal year but short of the target of $20.7 billion set for the year.
KSA remains largest source of remittances to Pakistan — SBP
KSA remains largest source of remittances to Pakistan — SBP
- Pakistan received $2.97 bn from KSA during the seven months of current fiscal year, central bank data shows
- Incentive to trade in currencies, action against illegal money houses led to hike in foreign remittances
Pakistan announces national Islamic scholarship competition focused on youth
- Contest invites books, essays, poetry in multiple languages, with awards for men and women
- Best entries to be published digitally and in print, submissions due by March 31
ISLAMABAD: Pakistan’s Ministry of Religious Affairs on Wednesday announced a nationwide competition for books, poetry and academic papers focused on Islamic scholarship, as part of efforts to promote religious discourse addressing modern social challenges, particularly among younger generations.
The annual competition will cover works on Seerat — the biography and teachings of the Prophet Muhammad (pbuh) — as well as Na’at, a traditional form of devotional poetry praising the Prophet, alongside broader Islamic research and literary contributions published in Pakistan and abroad.
“Ministry of Religious Affairs ... remains committed to addressing contemporary challenges through the guidance of the Seerat-e-Tayyaba (the life of the Prophet Muhammad), describing the national competition as an important step toward promoting Islamic teachings in society,” the ministry said in a statement.
“The initiative serves as an effective platform to encourage writers and researchers working on Seerat and Islamic subjects.”
For 2026, the ministry has set the central theme for Seerat research papers as “Protection, development and character-building of the younger generation in the light of the life of the Prophet Muhammad (peace be upon him).”
Officials said the focus aims to encourage scholarly engagement with issues such as ethics, social responsibility and education in a rapidly changing society.
The competition will award separate cash prizes and certificates to male and female writers at national and provincial levels, while selected research papers will be published in both digital and printed formats, the statement said.
According to the ministry, works published in national, regional and foreign languages will be eligible, with eight dedicated categories covering Seerat authors and Na’at poets. Separate categories have also been introduced for women writers, journals and magazines, expanding participation beyond individual book authors.
The ministry said the competition is intended to strengthen Islamic literary traditions while encouraging new voices to engage with religious subjects in a contemporary context.
The deadline for submission of books and research papers is March 31, 2026, it added.
