Pakistani PM leads praise after team’s T20 World Cup semifinal loss

Pakistan's Shaheen Afridi (R) reacts as Australia's Matthew Wade, left, and Marcus Stoinis celebrate their win in the Cricket Twenty20 World Cup semi-final match between Pakistan and Australia in Dubai, UAE, on November 11, 2021. (AP)
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Updated 12 November 2021
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Pakistani PM leads praise after team’s T20 World Cup semifinal loss

  • Former champions Pakistan went into the contest having won all five of their round-robin matches
  • But Matthew Wade belted three sixes in row to clinch see-saw chase to send Australia into final

ISLAMABAD: Pakistan’s former cricket star prime minister, Imran Khan, on Thursday offered consolation after Babar Azam’s high-flying side suffered an exit from the Twenty20 World Cup with a heart-breaking defeat to Australia in the semifinals. 
Former champions Pakistan went into the contest having won all five of their round-robin matches in the Super 12 stage but wicketkeeper-batter Matthew Wade belted three sixes in a row on Thursday to clinch a see-saw chase to send Australia into Sunday’s final. 
“To Babar Azam and the team: I know exactly how all of you are feeling right now because I have faced similar disappointments on the cricket field,” former captain Khan said on Twitter. 
“But you should all be proud of the quality of cricket you played and the humility you showed in your wins. Congratulations Team Australia.” 

Former captain Ramiz Raja, who serves as the head of the Pakistan Cricket Board, also praised the team for their performance in the tournament, which they won in 2009. 
“You have united the land truly and you have refreshed its mood with promise,” Raja said. “We thank you and we are proud the way you fought. Well done boys.” 

There was also support for Hasan Ali who had a torrid time on the field against Australia. 
Having conceded 44 runs in four wicketless overs, fast bowler Hasan also spilled a catch from Wade. 
Fast bowling great Wasim Akram urged the fans to support Hasan instead of criticizing him. 
“What we don’t want is that the whole country gets after poor Hasan Ali now,” Akram told Pakistani channel A Sports. 
“This situation is as tough for the players as it is for the fans. The players will go to their rooms, they’ll be quiet, they won’t talk to their families and the defeat will haunt them. 
“As a nation, we don’t want to add fire to that fuel.” 


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

Updated 29 December 2025
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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.