On Human Rights Day, Pakistan urges world to raise its voice for Kashmir, Palestine

Indian policeman (R) stops people during a curfew in Srinagar on August 4, 2020. (Photo courtesy: AFP/File)
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Updated 10 December 2022
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On Human Rights Day, Pakistan urges world to raise its voice for Kashmir, Palestine

  • The world marks December 10 as ‘Human Rights Day’ each year
  • Pakistan condemns ‘grave trampling’ of human rights in Kashmir, Palestine

ISLAMABAD: As the world marks Human Rights Day on Saturday, Foreign Minister Bilawal Bhutto-Zardari called on the world to raise its voice for the oppressed people in the disputed Kashmir territory and Palestine.

Human Rights Day is observed every year on December 10, the day the United Nations General Assembly adopted, in 1948, the Universal Declaration of Human Rights (UDHR). The UDHR proclaims the inalienable rights that everyone is entitled to as a human being — regardless of race, color, religion, sex, language, political or other opinion, national or social origin.

Pakistan has frequently urged the world to take notice of human rights violations committed by occupying Israeli forces in Palestine’s West Bank and Gaza Strip areas. Islamabad has also urged the world to rein in Indian forces in the disputed Himalayan region of Jammu and Kashmir, which India and Pakistan both claim in full but administer only parts of the territory.

“Bilawal Bhutto Zardari said that brutal violations of human rights in Indian-Occupied Kashmir and Palestine are continuing unabatedly and the international community needs to raise its voice against it,” a press release by the Pakistan Peoples Party (PPP) said.

The foreign minister called on the world to focus more attention on the “grave trampling” of human rights by occupying forces in these territories. The foreign minister said Pakistan’s commitment to human rights is unshakable and every effort will be made to ensure the protection and promotion of the rights of every citizen.

Pakistan has fought two out of three wars against India in Kashmir and has aggressively demanded a plebiscite for the people of Kashmir. Pakistan also happens to be one of the countries that do not recognize Israel and frequently criticizes Tel Aviv for human rights violations.


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.