Pakistani businessmen raise Rs21 million on WhatsApp for virus most affected

People queue as they wait to receive charity food alongside a road during a government-imposed lockdown as a preventive measure against the COVID-19 coronavirus, in Rawalpindi on March 24, 2020. (AFP)
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Updated 25 March 2020
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Pakistani businessmen raise Rs21 million on WhatsApp for virus most affected

  • All donations were made via no-touch payment transactions
  • Corporate Pakistan Group (CPG) is also going to support frontline medical staff with personal protective equipment

KARACHI: Within two days, members of a Pakistani group on WhatsApp raised Rs21 million to help the country’s most vulnerable from sinking into poverty, as many commercial activities have been shut down amid the coronavirus outbreak.
The economic impact of the epidemic has already hit millions of Pakistani families, especially those whose livelihoods are dependent on daily wage work, testing both the government’s response and society’s generosity in a time of a major public health crisis. The latter gives hope.
“Two days back I shared my intention with the group members and the response was overwhelming,” said Muhammad Azfar Ahsan, founder of Corporate Pakistan Group (CPG). “Within two days we have received more than Rs21 million pledges made by our members through WhatsApp. Our target was Rs20 million.”
“The initiative was suggested by CPG member Shamsuddin Shaikh and now other members of the group, Zafar Sobani and Saleem Ranjha are managing this initiative with him,” Ahsan added.
CPG has 256 members, including the country’s top businessmen, policy makers, security officials, and scholars. Many of them pledge further donations.
Since cash has been increasingly seen as a vehicle for coronavirus, no-touch payment tools were used for all contributions, Ahsan said, “All transactions have taken place in virtual space without any physical contact.”




Muhammad Azfar Ahsan, founder of Corporate Pakistan Group. (Supplied)

He said the money raised was not transferred to any private account, but channeled directly to three renowned charities — Akhuwat Foundation, Bait-ul-Salam, and Orange Tree Foundation (Robinhood Army). Equal distribution of the funds was managed by two chartered accountants who volunteered their time for the purpose.
Besides organizing emergency food assistance to poor families affected by the crisis, the group is also going to support frontline medical staff with personal protective equipment, as shortages of masks and protective wear in Pakistan are directly putting at risk the lives of those who are saving others from the coronavirus pandemic
“Orders have been placed for manufacturing of safety kits for doctors and paramedical staff,” Ahsan said. “The state has to play major role but we will continue to play our role with continued funding.
“The first phase is challenging, we are preparing to face the challenges,” he said, admitting that the group is planning response activities for the next couple of weeks, as the health crisis situation is unfolding.
In preparation for other crisis scenarios in the future, by the end of the year the group is going to establish a think tank, Ahsan said, “It would be Pakistan’s biggest policy institute.”


Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

Updated 22 January 2026
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Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

  • Pak-Qatar General Takaful Limited offered 30 million shares to investors with ceiling price of Rs14 per share
  • Company says IPO proceeds will be used for investments in software, infrastructure, setting up new branches

ISLAMABAD: Pakistan’s first non-life Shariah-compliant takaful operator announced on Thursday that its initial public offering (IPO) was oversubscribed 21 times at the country’s stock exchange, saying the development reflected strong investor confidence in the Islamic insurance system. 

The Pak-Qatar General Takaful Limited said earlier this month 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 percent of the shares on offer, while the remaining 25 percent will be allocated to retail investors, it added. 

“Pak-Qatar General Takaful Limited’s (PQGTL) IPO book-building has concluded with a historic oversubscription of [21x] times, marking the first-ever IPO of a dedicated General Takaful company at PSX,” the company said in a statement. 

It said investors responded “strongly” as the strike price closed at Rs 14 per share, compared to the floor price of Rs 10. Total demand reached Rs 4.74 billion [$17 million].

The company said successful bidders will be provisionally allotted 22.5 million shares while the remaining 7.5 million shares will be offered to retail investors on Jan. 28-29. 

Shahid Ali Habib, CEO of Arif Habib Ltd., which was the lead manager for the IPO, said that country’s first-ever IPO of any dedicated general takaful company, has made a historic debut at PSX.

Habib said this reflects investor confidence in Pakistan’s fast-growing takaful sector and PQGTL’s strong market position.

The statement further said proceeds from the IPO will be utilized to fund strategic initiatives, such as investments in software and other intangible assets, hardware and infrastructure, marketing and brand development and human resource enhancement. 

Proceeds will also be used to establish new branches and transform existing ones to improve operational efficiency and customer experience, it added. 

Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.