Pakistani, Saudi parliamentarians discuss Kashmir, Muslim unity

In this photo, Speaker of the National Assembly of Pakistan, Asad Qaisar and Chairman of Saudi Shoura Council, Dr Abdullah Al-Sheikh sign a memorandum of understanding (MoU) between Pakistan and Saudi Arabia on Dec 23, 2019 in Riyadh, Saudi Arabia. (Photo Courtesy: Saudi Shoura Council Twitter)
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Updated 24 December 2019
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Pakistani, Saudi parliamentarians discuss Kashmir, Muslim unity

  • Shoura agrees the OIC could put pressure on India for resolution of Kashmir issue
  • Parliamentarians see unity among the Muslim community as essential in addressing Islamophobia

ISLAMABAD: A delegation of Pakistani lawmakers met with the Saudi Shoura Council in Riyadh on Monday to enhance inter-parliamentary cooperation and discuss the condition of the world’s Muslim community, including the situation in Indian-occupied Kashmir.

Led by National Assembly Speaker Asad Qaiser, the Pakistani delegation arrived in Saudi Arabia to meet with Shoura chairman Dr. Abdullah bin Mohammed Al-Sheikh and sign a memorandum of understanding with the Saudi consultative body.

“Speaker (Qaiser) apprised his Saudi counterpart about the tyranny of Indian forces in occupied Kashmir. He said that decisions taken by (the) Indian government had put the minorities in India at risk,” Pakistan’s Embassy in Riyadh said in a statement.

According to the statement, Qaiser said Kashmir was a flashpoint of the situation in the subcontinent and suggested that the Organization of Islamic Cooperation (OIC) should play its role in resolving the issue.

He also informed the Shoura chairman about plans to hold an international parliamentary conference on Kashmir in Islamabad early next year.

The embassy statement said Abdullah “agreed that OIC could play an important role in putting pressure on India for resolution of Kashmir issue in accordance with its international commitments.” He also said India should award constitutional rights to the people of Kashmir.

In the context of increasing Islamophobia in the West, both agreed that a necessary condition to addressing it was unity among the Muslim community.

During the visit, the speaker is expected to meet with King Salman, while other members of the Pakistani delegation will perform the Umrah, the statement added.

Abdullah recently headed a Saudi delegation to Islamabad which arrived for a three-day visit on Dec. 4 to discuss bilateral ties.

Pakistan and Saudi Arabia enjoy a strong strategic partnership and have lately agreed to enhance cooperation in diverse fields.


Pakistan issues over $7 billion sukuk in 2025, nears 20 percent Shariah-compliant debt target

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Pakistan issues over $7 billion sukuk in 2025, nears 20 percent Shariah-compliant debt target

  • Finance Adviser Khurram Schehzad says this was the highest-ever Sukuk issuance in a single calendar year since 2008
  • Pakistan’s Federal Shariat Court ordered in 2022 the entire banking system to transition to Islamic principles by 2027

ISLAMABAD: Pakistan’s Finance Adviser Khurram Schehzad on Monday said the country achieved a landmark breakthrough in Islamic finance by issuing over Rs2 trillion ($7 billion) sukuk this year, bringing it closer to its 20 percent Shariah-compliant debt target by Fiscal Year 2027-28.

A sukuk is an Islamic financial certificate, similar to a bond, but it complies with Shariah law, which forbids interest. Pakistan’s Federal Shariat Court (FSC) had directed the government in April 2022 to eliminate interest and align the country’s entire banking system with Islamic principles by 2027.

Following the ruling, the government and the State Bank of Pakistan (SBP) have undertaken a series of measures, including legal reforms and the issuance of sukuk to replace interest-based treasury bills and investment bonds.

“In 2025, the Ministry of Finance (MoF) through its Debt Management Office, together with its Joint Financial Advisers (JFAs), successfully issued over PKR 2 trillion in Sukuk,” Schehzad said on X, describing it as “the highest-ever Sukuk issuance in a single calendar year since 2008 by Pakistan.”

Pakistan made a total of 61 issuances across one-, three-, five- and 10-year tenors, according to the finance adviser. The country also successfully launched its first Green Sukuk, a Shariah-compliant bond designed to fund environment-friendly projects.

He said the Green Sukuk was 5.4 times oversubscribed, indicating investor demand was more than five times higher than the amount the government planned to raise, which showed strong market confidence.

“The rising share of Islamic instruments in the government’s domestic securities portfolio (domestic debt) underscores strong momentum, growing from 12.6 percent in June 2025 to around 14.5 percent by December 2025, clearly positioning the MoF to achieve its 20 percent Shariah-compliant debt target by FY28,” Schehzad said.

“This milestone also reflects the structural deepening of Pakistan’s Islamic capital market, sustained investor confidence, and the strengthening of sovereign debt management.”

He said Pakistan was strengthening its government securities market by making it more resilient, diversified, and future-ready, supported by a stabilizing macroeconomic environment, a disciplined debt strategy, and a clear roadmap for Islamic finance.