Pakistan calls on OIC contact group to issue ‘strong’ communique on Kashmir at UNGA

A paramilitary soldier questions a motorist at a checkpoint during a curfew in Srinagar on August 4, 2020, marking the first anniversary of New Delhi's abolition of the restive region's semi-autonomy. (AFP/File)
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Updated 20 September 2022
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Pakistan calls on OIC contact group to issue ‘strong’ communique on Kashmir at UNGA

  • Pakistani foreign minister to participate in meeting of OIC contact group on Jammu and Kashmir in New York this week
  • Pakistan’s representative at UN says Kashmir also to be discussed at OIC foreign ministers’ conference on Thursday

ISLAMABAD: Pakistan hopes the Organization of Islamic Cooperation (OIC) contact group on Jammu and Kashmir will release a “strong” joint communique after it meets on the sidelines of the United Nations General Assembly (UNGA), enabling Islamabad to raise the issue with the support of other Islamic countries at the assembly’s ongoing session, Pakistan’s representative at the UN has said.

OIC has 57 member countries, making it the second largest intergovernmental organization after the United Nations. The OIC contact group on Jammu and Kashmir was established in 1994 to support the struggle of the people of Indian-administered Kashmir, including their right to self-determination, to voice the organization’s position, and coordinate joint actions on the dispute.

Kashmir has long been a flashpoint between India and Pakistan, both of which claim all of the region but rule only in part.

Ties between the nuclear-armed rivals have been particularly strained since a suicide bombing of an Indian military convoy in Kashmir in 2019 that New Delhi says was carried out by Pakistan-based militants. The bombing led to India sending warplanes to Pakistan. Islamabad denies state complicity in any attacks in Indian-administered Kashmir.

In August 2019, Indian Prime Minister Narendra Modi withdrew Indian-ruled Kashmir’s autonomy in order to tighten his grip over the territory, provoking outrage in Pakistan and the downgrading of diplomatic ties and suspension of bilateral trade.

“We are hopeful that the contact group will issue a strong joint communique on Jammu and Kashmir and this will enable us to take the issue forward together with other Islamic countries at the current session of the general assembly,” Pakistan’s permanent representative at the UN, Munir Akram, told Arab News on Monday.

Pakistani foreign minister, Bilawal Bhutto-Zardari will participate in the contact group meeting, he said, which would have ministerial-level presence from other group members. He did not specify the date of the meeting.

“Prior to chairing the OIC foreign ministers meeting that will be held on September 22, he [Bhutto-Zardari] will also participate in the OIC contact group on Jammu and Kashmir,” Akram said, adding that the ministerial level meeting would be chaired by the Secretary General of the OIC and include Saudi Arabia, Turkey, Azerbaijan, and Niger.

“Pakistan seeks resolution of the Kashmir dispute on the basis of the several resolutions adopted by the Security Council,” he added.

Besides the contact group, the Kashmir issue would also be discussed at the OIC foreign ministers’ conference on Thursday, Akram said.

Pakistan’s foreign office spokesperson, Asim Iftikhar Ahmed, told Arab News the Kashmir issue would be “prominently and forcefully” raised at the UNGA, including by the prime minister.

“Foreign minister always participates in the OIC contact group on Jammu and Kashmir meeting on the sidelines of UNGA,” Ahmed said via telephone from New York. “The contact group will reaffirm its support for the Kashmiri people.”


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.