Pakistani-American startup to take telehealth services to UAE, Saudi Arabia

This photograph taken on Oct. 20, 2017, shows a Pakistani paramedic checking a child at a telemedicine online treatment centre in Mansehra district, Khyber Pakhtukhwa. (AFP/File)
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Updated 09 August 2020
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Pakistani-American startup to take telehealth services to UAE, Saudi Arabia

  • VeeMed, a startup, is also working on affordable solutions for Pakistani and Indian patients
  • The startup collaborated with Karachi’s Indus Hospital in the past and plans to do it again to help the underprivileged

KARACHI: A Pakistani-American startup has joined hands with a major business group in the United Arab Emirates to provide telehealth services to patients in the Middle East and beyond, the company’s president, Ijaz Arif, told Arab News on Friday. 

“We just formed a partnership with SEED, one of the most influential groups in the UAE, and this partnership spans over the Middle East, North Africa, Pakistan and India,” he said, adding that his company would extend the same services to people in the UAE and Saudi Arabia that it offered its clients in the United States since most residents of the two Arab states did not have affordability issues. 

“For places like Pakistan, India and North Africa, we will have to come up with new ways, new technologies that are affordable,” Arif continued. “We are working on that.” 

Arif informed that the charity wing of his organization, VeeMed, had collaborated with Indus Hospital, the largest charity health facility in Pakistan’s Sindh province, in the past to offer free medical services to the financially underprivileged segments. 

“We at one point were working with Indus Hospital in Pakistan. We will actually continue to do that in order to provide free technology and services to them. We are also planning to help different non-government organizations in the same way,” he said. 

Telehealth services have been available in the developed world for a considerably long period, but it only gained momentum in Pakistan with the COVID-19 outbreak when most medics started seeing patients online. 

VeeMed, the startup Arif cofounded with Dr. Arshad Ali in 2016, also acquired greater prominence during the same period and started extending its services to the Middle East and North Africa along with India and Pakistan. 

 

 

Ali, the cofounder of the company, said that telehealth was beneficial even when there was no pandemic. 

“In telemedicine, health care services can be delivered at home after a patient makes a request through an online system. A physician can then log in to do medical examination,” he explained. 

Ali added that patients in small cities and rural setups could avail the option since good doctors and specialists were usually not available in such areas. 

He informed that VeeMed also managed intensive care units (ICU) remotely in areas where senior doctors were not practicing by guiding medics online. 

“VeeMed is founded by overseas Pakistanis, and we have developed our own turnkey solutions for virtual health care,” he added. 

Meanwhile, Arif pointed out that technology had proved its worth during the coronavirus pandemic and it would continue to grow due to trending online health services. 

“Before the pandemic, such online services were not too common, but now people are getting used to it and realize how easy it is to see a doctor through this technology. Big health care systems, governments and clinics are not going to abandon its use even after the pandemic is over,” he said. 

“Our response time is less than three minutes,” Arif added. “We have even responded to people suffering stroke in two and a half minutes. Time is very important since it saves lives.” 


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

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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.