Pakistan’s telecom regulator approaches Twitter after false Indian claims of 'civil war' in Karachi

This file photograph shows the headquarters of Twitter in San Francisco, US, on July 29, 2014. (AFP)
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Updated 22 October 2020
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Pakistan’s telecom regulator approaches Twitter after false Indian claims of 'civil war' in Karachi

  • Leading media outlets in India used the social networking website to disseminate fabricated stories about clashes in Karachi
  • Twitter verified accounts were used to spread the fake news, making Pakistani authorities ask the social media giant to act against them

ISLAMABAD: The Pakistan Telecommunication Authority (PTA) approached the Twitter management on Thursday, asking the social media giant not to allow users to spread fake information for propaganda purposes.
“In the wake of current smear campaign of spreading false and baseless information targeting Pakistan, its cities and institutions,” said an official handout, “PTA has stressed upon Twitter to effectively block handles involved in the campaign.”
The country released the statement after some Indian news networks falsely claimed that clashes had erupted between the Pakistan Army and Sindh Police in the country’s most densely populated city of Karachi.
The story was fabricated by some of the leading media outlets across the border, who claimed that a “civil war” was raging in Pakistan before disseminating the misleading story through social media platforms.
While Pakistani Twitter users mocked the Indian media, South Asia watchers were alarmed by the development.

 

 

Pakistani politicians also expressed their displeasure at the development, condemning the Indian media for its devious reporting.

 

 

In its official statement issued on Thursday, the PTA expressed its “disappointment” that a “number of accounts involved in propagation of untrue stories” were “Twitter verified.”
“However, they are still operating with immunity,” the statement added. “PTA has asked the platform to take immediate action against such accounts as per its guidelines and policies.”


Pak-Qatar becomes Pakistan’s first dedicated family takaful operator to list on PSX

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Pak-Qatar becomes Pakistan’s first dedicated family takaful operator to list on PSX

  • Pak-Qatar Family Takaful Limited’s initial public offering raises $3.2 million, says company
  • Company says remains committed to strengthening Pakistan’s Islamic financial eco-system

KARACHI: The Pak-Qatar Family Takaful Limited (PQFTL) became the first dedicated family Takaful operator to be listed on the Pakistan Stock Exchange (PSX), the company announced on Thursday, saying the development would strengthen the ecosystem for Islamic financial products and services in the stock market. 

PQFTL is the country’s first and largest dedicated shariah-compliant family risk-protection provider, holding 44 percent of the total family takaful market and more than 90 percent of the fully dedicated segment, with a nationwide presence of 73 branches and 1,971 field representatives.

The company announced in a statement last month it would offer 50 million shares, starting at a floor price of Rs14 per share ($0.05), with a ceiling of Rs21 per share ($0.07). Of the total issue, 37.5 million shares will be allocated to institutional investors, while 12.5 million shares will be offered to the general public.

In its latest statement, the PQTFL said the book building and public subscription portions of its Initial Public Offering (IPO) were oversubscribed by 3.2 times and 3.8 times, respectively, reflecting strong investor confidence in the company and Pakistan’s Islamic financial ecosystem.

“The IPO raised Rs901 million [$3.2 million], achieving a 29 percent premium, reflecting strong investor interest and positive market perception,” the statement said. 

“This historic milestone and response from investors underscore PQFTL’s exceptional financial resilience, strategic foresight, and unwavering commitment to Shariah-compliant excellence,” it added. 

The company said over 8,200 investors participated in the IPO, making it one of the highest investor turnouts in Pakistan’s insurance and Takaful sector. 

“The offering attracted a diverse mix of institutional investors, insurance companies, family offices, corporate investors, and a significant number of individual investors,” it said. 

Muhammad Kamran Saleem, a member of the board of directors of the PQFTL, said the company’s listing on the stock exchange was a “historic achievement.”

“The overwhelming response from investors demonstrates deep trust in our business fundamentals, Shariah governance standards and strategic vision,” he said. 

“We are grateful to Allah Almighty for this historic achievement and we remain committed to strengthening the Islamic financial eco-system and long-term sustainable value creation to all our stakeholders.”

PQFTL said the IPO proceeds will help it in meeting regulatory capital requirements, expand digital distribution channels, enhance product innovation and drive customer-centric growth initiatives.