KARACHI: As the country surges ahead with a financial technology (FinTech) revolution, Pakistan’s central bank said on Monday that it has launched laws for Electronic Money Institutions (EMIs) as a step toward issuing digital currency by 2025.
The regulations – which have been designed with the help of the World Bank — will also seek to cover other requirements such as outsourcing activities, anti-money laundering and counter-terror financing measures, consumer protection, complaint handling mechanism, oversight and regulatory reporting.
EMIs are non-bank entities that will be licensed by the State Bank of Pakistan (SBP) to issue e-Money for the purpose of digital payments.
On Monday, Finance Minister Asad Umar stressed on the need to safeguard financial institutions as “cybersecurity was a growing threat” and termed the launch of the electronic money institutions as a game changer in promoting e-Commerce and a digital economy in the country.
“This new category of institutions will complement the efforts of the government in creating an enabling environment to empower stakeholders in trade and commerce. This will help businesses in improving their productivity and contribute toward positioning the nation for global competition,” he said.
Officials from the SBP concurred. “These landmark regulations are a testament of the SBP’s commitment toward openness, adoption of technology and digitization of our financial system,” Jameel Ahmad, Deputy Governor of SBP, said, adding that the SBP is transforming itself into a modern, digital and technology-oriented bank.
He said that the SBP is working on issuing digital currency by 2025, with the aim to promote financial inclusion and reduce corruption, and inefficiency.
“Our currency will remain the same, but as opposed to existing online payment services — where there is the backing of any financial institution — there will be not [be any] financial institution which we are going to bring in,” Abid Qamar, spokesman of the SBP said dispelling the impression that the central bank was going to issue a cryptocurrency.
Financial experts lauded the initiative as a “landmark in FinTech space”, terming it as the most progressive measure taken by the SBP in years.
“The launch of e-Money regulations…is a key landmark in our FinTech space. This way, Fintechs have been empowered to open and manage accounts themselves. This day is going to mark the inflection point for digital payments in Pakistan. We need this sort of speed and regulatory environment to set the ground for our FinTechs to flourish,” Khurram Schehzad, a senior financial analyst and CEO of Alpha Beta Core — a financial advisory firm, said.
Meanwhile, experts said that the initiative will place Pakistan among the few nations in the world who have adopted e-Money mechanisms. “This initiative is capital intensive and would help Pakistan achieve financial inclusion, especially in the rural sector of the country,” S. M. Arif, a financial and banking technologist, told Arab News.
He added that it would also help small and medium enterprises, the farming community, and rural dwellers gain access to financial instruments. “By enabling this regulations authorities have enabled wider base of population whether Urban or Rural, to have access to finance through these new digital mode of payments from verity of players. This will require proper and frequent education of masses from issuers to make good use of such facilities and safety of these instruments” he said, before quickly adding that “the business model must be made keeping in view the local market requirements and security threats as copy pasting a foreign model may backfire”.
Pakistan to tap into digital currency potential by 2025
Pakistan to tap into digital currency potential by 2025
- Move to address cybersecurity threats faced by institutions, FM Umar says
- Launch of e-Money regulations a key landmark in FinTech space, analysts add
Rare caracal wild cat spotted in Pakistan’s Cholistan desert
- Caracal is a medium-sized wild cat native to Africa, Middle East, Central Asia, arid areas of Pakistan, northwestern India
- Highly elusive creature is difficult to observe, even by researchers, and is territorial, living mainly alone or in pairs
ISLAMABAD: The highly elusive and rare caracal wild cat has been spotted in the Cholistan desert in Pakistan’s southern Punjab province this week, a wildlife official said on Tuesday.
The caracal is a medium-sized animal native to Africa, the Middle East, Central Asia, and arid areas of Pakistan and northwestern India. It is characterized by a robust build, long legs, a short face, long and pointed ears, relatively short tail, and long canine teeth.
The secretive creature is difficult to observe, even by researchers, and is territorial, living mainly alone or in pairs. Its speed and agility make it an efficient hunter, able to take down prey two to three times its size. It primarily hunts the chinkara deer, also known as the Indian gazelle, in the Cholistan desert, which is in the southern part of Pakistani Punjab, extending into the Greater Thar Desert.
“Over the past month, there have been multiple sightings, and just this morning [Monday], Mujahid Kaleem, Assistant Conservator Wildlife from Rahim Yar Khan, successfully spotted the animal [caracal] on camera for the very first time,” Ali Usman, a wildlife ranger for the Bahawalpur region, told Arab News in a phone interview.
Usman said the department currently lacked exact figures on caracal numbers in Pakistan.
“For a long time, this elusive species hadn’t been sighted in the region,” he said.
“However, with the current government’s support in the form of equipment, vehicles, and additional staff, our protection efforts have significantly improved. As a result, we’re beginning to see signs of ecological balance and resilience returning to the ecosystem and the caracal’s presence is a key indicator of that.”
The caracal is thought to be close to extinction in North Africa, critically endangered in Pakistan, endangered in Jordan, but stable in central and Southern Africa.
Intense heatwave grips southern Pakistan, disrupts public life
- Experts say rising temperatures are part of broader trend linked to climate change
- Met Office urges residents to undertake precautionary measures from Apr. 22-24
KARACHI: An intense heatwave has gripped Pakistan’s southern Sindh province, particularly its commercial capital of Karachi, as the mercury rose above 40 degrees Celsius on Tuesday, with the Pakistan Meteorological Department (PMD) warning that the weather conditions will prevail in the region for another two days.
The warning comes amid increasingly unpredictable climate patterns across South Asia, with Karachi experiencing more frequent and intense heatwaves in recent years — a trend that climate experts attribute to broader shifts caused by global warming.
The situation underscores rising concerns over the city’s preparedness for extreme weather events, amid growing calls for stronger climate adaptation policies, increased urban tree cover and more effective public awareness campaigns.
“Prevailing heatwave condition is likely to continue in Karachi division with daytime maximum temperatures are likely 4-6°C above normal till tomorrow,” the PMD said in a statement.
“Hot/very hot and dry weather prevails over most parts of the province.”
It advised people, especially women, children and the elderly, to stay indoors, avoid direct sunlight and stay well-hydrated. The maximum temperature predicted for Tuesday was 41°C, followed by 40°C on Wednesday and 39°C on Thursday.
Zaheer Abbas, a laborer in Karachi, said the scorching heat had severely affected daily life.
“A poor person who pushes a cart can’t even work in this weather,” he told AFP.
Experts say rising temperatures are part of a broader trend linked to climate change, straining Karachi’s infrastructure and putting vulnerable populations at risk.
Iqra Ali, a Karachi student, said she was trying not to leave home unnecessarily.
“It’s hot,” she said. “For this, the more a person stays hydrated, it will be better.”
Pakistan has witnessed frequent, erratic changes in its weather patterns, including floods, droughts, cyclones, torrential rainstorms, heatwaves and the slow-onset threat of glacial melting, in recent years that scientists have blamed on human-driven climate change.
In 2022, unusually heavy rains triggered floods in many parts of the country, killing over 1,700 people, inflicting economic losses of around $30 billion and affecting at least 30 million people.
— With additional input from AFP
Famed Pakistani chef Zakir Qureshi passes away in Karachi
- Qureshi inherited the passion for culinary arts from his father who worked with British Airways and PIA
- He began his professional career at Karachi’s Sheraton Hotel in 1980 and first appeared on TV in mid-2000s
KARACHI: Renowned Pakistani chef Zakir Qureshi has passed away in Karachi, his family confirmed on Tuesday, bringing an end to his famous shows that provided diverse culinary expertise to countless people.
Born in the southern Pakistani port city of Karachi on Feb. 16, 1967, Qureshi inherited the passion for culinary arts from his father, Abdul Aziz, who worked as a chef with British Airways and Pakistan International Airlines (PIA).
The celebrity chef, who had maintained a loyal audience through his television programs, had been battling a kidney disease and remained under treatment in the United States until a month ago, according to his nephew. He passed away on Monday night.
“For uncle Zakir, cooking was more than a profession; it was a family tradition. However, he distinguished himself as the only member to pursue formal culinary studies abroad. He always spoke with great affection about his mentors, especially Sultana Siddiqui and Athar Waqar Azim,” Qureshi’s nephew, Shayan Qureshi, told Arab News.
“He was a kind, well-mannered, and loving individual. His culinary skills were exceptional. He not only revitalized traditional dishes but also skillfully adapted international cuisines to appeal to the Pakistani palate. His television shows not only brought delicious flavors into countless homes but also imparted the art of cooking.”
Qureshi had traveled to Dubai, Singapore, South Africa and Botswana for work and studies, according to his family. He began his professional career at Karachi’s Sheraton Hotel in 1980 and first appeared on TV in mid-2000s.
Zohaib Aalim, producer of Zakir’s Kitchen show, told Arab News that Qureshi had always been warm and respectful toward others, and always stayed focused on his work.
“Chef Zakir worked with us from 2015 to 2021. His most admirable quality was that he taught the best recipes within a limited budget. He used to say that he wanted to teach dishes people could actually make at home within their means,” Aalim said.
“In that sense, he was truly exceptional. He popularized Chinese, Continental, and Desi cuisines through his simple and accessible methods.”
Aalim said the flavors Qureshi introduced, the lessons he taught, and the memories he left behind will “forever live in our hearts.”
He may be gone, but his taste, his style, and his expertise continue to breathe in every Pakistani kitchen.
Islamabad says more than 100,000 Afghans left Pakistan in April
- Analysts say the expulsions are designed to pressure the Taliban administration
- Islamabad blames the Taliban for fueling a rise in border attacks in Pakistan
ISLAMABAD: More than 100,000 Afghans have left Pakistan in the past three weeks, the interior ministry said Tuesday, after Islamabad announced the widespread cancelation of residence permits.
Calling Afghans “terrorists and criminals,” the Pakistan government launched its mass eviction campaign on April 1.
Analysts say the expulsions are designed to pressure the neighboring country’s Taliban authorities, which Islamabad blames for fueling a rise in border attacks.
The interior ministry told AFP that “100,529 Afghans have left in April.”
Convoys of Afghan families have been heading to the border since the start of April when the deadline to leave expired, crossing into a country mired in a humanitarian crisis.
Afghanistan’s prime minister Hasan Akhund on Saturday condemned the “unilateral measures” taken by its neighbor after Pakistan’s foreign minister Ishaq Dar flew to Kabul for a day-long visit to discuss the returns.
Pakistan, Malaysia join forces to develop Shariah-aligned digital assets framework
- The development comes more than a week after Pakistan introduced its first-ever policy framework to regulate virtual assets and service providers
- Pakistan Crypto Council chief says Malaysia’s leadership in Islamic finance and Pakistan’s momentum in crypto regulation form a ‘natural alliance’
KARACHI: Malaysian Foreign Minister Mohamad bin Hajji Hasan has met with Bilal bin Saqib, head of the Pakistan Crypto Council (PCC), and discussed with him collaborative opportunities in blockchain technology, digital assets and Shariah-compliant finance, the Pakistani finance ministry said on Tuesday.
The development comes more than a week after Pakistan introduced its first-ever policy framework to regulate virtual assets and service providers, aligning with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF).
The move followed the establishment of the Pakistan Crypto Council last month to create a legal framework to create a legal framework for cryptocurrency trading in a bid to lure international investment.
The meeting between the Malaysian FM and PCC chief in Kuala Lumpur focused on laying the groundwork for a Pakistan-Malaysia Digital Finance Partnership, aimed at co-developing FATF-compliant, Shariah-aligned digital asset frameworks.
“Malaysia’s leadership in Islamic finance and Pakistan’s momentum in crypto regulation form a natural alliance,” Saqib was quoted as saying by the Pakistani finance ministry.
“Together, we have a historic opportunity to set global standards for ethical innovation in digital finance — from halal stablecoins and tokenized sukuks to compliant regulatory sandboxes and youth empowerment.”
Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are also not illegal or banned. As of Jan. 16, 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens.
Pakistan’s new policy for virtual assets and service providers, created by a special government group under the Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) authority, is meant to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan.
The finance ministry said the PCC is leading efforts to design a passportable crypto regulatory framework tailored to emerging markets that fosters innovation while ensuring full compliance with international standards.
During Saqib’s meeting with the Malaysian FM, both sides expressed strong alignment on key areas of cooperation, including regulatory coordination between financial authorities and cross-border talent development and education initiatives.
“This milestone engagement signals the beginning of a deeper economic and technological partnership between Pakistan and Malaysia — driven by a shared vision to build the future of finance through values-based innovation and strategic collaboration,” the Pakistani finance ministry said.
