In keeping with close navy ties, 31 Saudi officers graduate from Pakistan academy

Saudi officials pose for a photoshoot with Saudi officers graduating from Pakistan Naval Academy’s 115th course in Karachi on June 26, 2021. (Photo courtesy: @AmbassadorNawaf/Twitter)
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Updated 28 June 2021
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In keeping with close navy ties, 31 Saudi officers graduate from Pakistan academy

  • Saudi ambassador welcomes the graduation of Saudi officers as "great national achievement"
  • Officers trained by the Pakistan Naval Academy are considered some of the most professional in the world

KARACHI: Thirty-one Saudi officers were among the graduates of the Pakistan Naval Academy’s 115th course commissioning parade in Karachi on Saturday, the Pakistan Navy said, as the kingdom's ambassador welcomed the graduation of Saudi personnel as "great national achievement."

Located in located in Manora Island, Sindh Province, the Pakistan Naval Academy provides initial training to officers of the Pakistan Navy and since its establishment in 1947 has also trained some 2,000 officers of friendly countries, including many of the Royal Saudi Navy and other Gulf countries.

Midshipmen from Bahrain were also part of Saturday's graduation ceremony, which saw in attendance Joint Chiefs of Staff Committee Chairman Gen. Nadeem Raza and Naval Staff Chief Adm. Muhammad Amjad Khan Niazi.

"The commissioning parade comprised of 104 Pakistani, eight Bahrain Defense Force, 31 Royal Saudi Navy personnel and 83 (Pakistani) short service commission course officers," a Pakistan Navy spokesperson told Arab News on Sunday.

Saudi Arabia's ambassador to Pakistan, Nawaf bin Said Al-Malki, was also present during the graduation ceremony.

"This graduation is a great national achievement that will bring new, young leaders for the nation," Al-Malki said in a tweet on Saturday evening.

Pakistan's navy had been providing training to Saudi officers and sailors during the Saudi navy’s formative period between the 1970's and 80's. Officers trained by the Pakistan Naval Academy are considered some of the most professional in the world.


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.